Unregistered 08:28 PM 08-10-2013
If you watch a few kids at your home, do you report it to taxes?? Not trying to call anyone out but I figure most of us are anonymous on here so it's OK to ask...:-)
Familycare71 08:32 PM 08-10-2013
Originally Posted by Unregistered:
If you watch a few kids at your home, do you report it to taxes?? Not trying to call anyone out but I figure most of us are anonymous on here so it's OK to ask...:-)
Personally I do. No matter how many kids I have had in care I have always done it. For me it is actually a Biblical/moral issue in addition to a legal one
MyAngels 09:43 PM 08-10-2013
Yes, I do. The last thing you want to do is get on the bad side of the IRS. It's unbelievable the powers that they have to collect, and how unreasonable they can be if they decide to come after you. I have a brother who is self-employed and they have made it virtually impossible for him to have a normal, functioning financial life until he gets them paid off. All because he didn't report some income and they figured it out.
I have a small group but I claim it all and give parents my EIN at the end of the year. I don't do under the table payments with parents, I've had a few offer but I always decline or claim the income anyway.
BABYLUVER21 11:43 PM 08-10-2013
I always reported and ALWAYS used a hired CPA. Less chance of audits and issues even if there are errors when you report and then hire a good, reliable professional
Play Care 05:00 AM 08-11-2013
Originally Posted by BABYLUVER21:
I always reported and ALWAYS used a hired CPA. Less chance of audits and issues even if there are errors when you report and then hire a good, reliable professional
MsLaura529 06:42 AM 08-11-2013
Not to hi-jack, but on a side-note .. how do you get an EIN?
wonderfullisa 07:14 AM 08-11-2013
sharlan 07:26 AM 08-11-2013
Yes, they do. I've been audited several times, but never anything to do with my daycare.
MamaBearCanada 08:55 AM 08-11-2013
I'm in Canada and I have always reported the income even if I've only had one DCK and my own
TheGoodLife 10:43 AM 08-11-2013
I have an EIN so I don't have to use my social, but I report all my income- I had one family last year who came for 2 days and I forgot to report that, but other than that its all reported whether they turn it in or not- that's up to them!!
Originally Posted by Familycare71:
Personally I do. No matter how many kids I have had in care I have always done it. For me it is actually a Biblical/moral issue in addition to a legal one
Me, too.
MrsSteinel'sHouse 03:59 AM 08-12-2013
Absolutely! I claim my income and parents claim their childcare cost.
MsLaura529 04:16 AM 08-12-2013
Thank you
MotherNature 06:22 AM 08-12-2013
Originally Posted by Lyss:
I have a small group but I claim it all and give parents my EIN at the end of the year. I don't do under the table payments with parents, I've had a few offer but I always decline or claim the income anyway.
me too, though this year I'm probably going to get professional tax advice, especially because I'm inheriting money since my grandma died.
Crazy8 07:18 AM 08-12-2013
yes, also have an EIN number to give parents. At interviews one of the most common questions I get asked is if parents can claim the cost on their taxes so I know its important to families as well.
Willow 07:31 AM 08-12-2013
Tax evasion is against the law. It would make me sick to think of my kids growing up without their mother simply because I didn't claim some of my income.
In other words - GIANT NO WAY would I ever not claim.
Memc2001 10:01 AM 08-12-2013
Absolutely! Not only do my clients need the deduction amount for their taxes but I have so many deductions with my business. I suppose if I was just watching a niece or nephew and their parents weren't using the child care deduction you could choose not to. But, everyone needs the tax deduction, so I don't know how you would not get caught since thy have to list who is watching their kids and the amount, etc...
I operate under an LLC and use an FEIN number so I don't give out my social security number.
Brooksie 10:03 AM 08-12-2013
I report EVERYTHING to the IRS. No matter how many kids I have.
JenNJ 10:18 AM 08-12-2013
Yup. I report it all. I have a cleaning lady and made sure that she reports her income so I can use it as a deduction.
snbauser 10:40 AM 08-12-2013
Yep. Besides it being morally wrong for me, it's also not worth the risk and penalties of getting caught.
Same here. I report all income - even the relatively small amounts paid in cash by drop-in clients. It's the right thing to do and it's not worth the risk of being caught doing something illegal.