This is the first time I've had to charge a late fee and I honestly don't know if I should record it in the ledger along with the weekly check I receive that family. Is it income?
I'm pretty sure I know the answer to this, but it's better to check than to do it wrong, kwim?
Thanks ladies!
daycare 10:26 AM 09-13-2011
any fee that comes into your hand for services rendered is considered income.
That's pretty much what I thought. Thanks daycare. When you record it, do you make a note that it's a late fee? And do the parents count it in their total for tax purposes?
I feel kinda silly asking this.
sharlan 10:28 AM 09-13-2011
Yes, as daycare said, any funds you receive are income.
wdmmom 10:28 AM 09-13-2011
Most parents are only allowed to claim a maximum dollar allowance on daycare expenses anyway. You don't need to itemize it for them.
Originally Posted by wdmmom:
Most parents are only allowed to claim a maximum dollar allowance on daycare expenses anyway. You don't need to itemize it for them.
Thanks. Now to enjoy my extra 20 bucks.