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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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  #1  
Old 02-04-2015, 06:49 PM
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Default 1st Year $7,000 Return

I just filed my return yesterday, and am petrified I'm going to get audited! $7,000 seems like a lot to me, especially considering I only made $15,000. Has anyone else had returns that large?
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Old 02-04-2015, 07:24 PM
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I can't be jealous of your return because I am SO jealous that you already have your taxes done! I estimate my return to be about the same for daycare (it will be around $23,000-$26,000 this year because of the $15,000 adoption credit, the TON of money I spent on my foster kids, and the fact that most of what I make in daycare goes back into the daycare).
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Old 02-04-2015, 09:14 PM
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What the heck do you ladies do. I pay about 2-5grand every year. I'm jealous
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Old 02-05-2015, 03:41 AM
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Quote:
Originally Posted by angelw2babies View Post
I just filed my return yesterday, and am petrified I'm going to get audited! $7,000 seems like a lot to me, especially considering I only made $15,000. Has anyone else had returns that large?
We got about that much last year but it was the first time ever. BUT I think that was because my husband was working two full time jobs and he had a lot taken out. Too much because we are always afraid of owing I guess. We only had to pay once or twice. Usually we get some refund though. Now he is down to one job and I am retired. No telling what this year will be.

Are you filing jointly with your spouse maybe?

Laurel
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Old 02-05-2015, 04:42 AM
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What the heck do you ladies do. I pay about 2-5grand every year. I'm jealous
ME TOO! I make quite a bit of money though, and so does dh. We don't qualify for most of the credits offered.
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Old 02-05-2015, 05:26 AM
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What the heck do you ladies do. I pay about 2-5grand every year. I'm jealous
Wow! This terrifies me. I don't make much (low enrollment) and I would have a very hard time owing that much.
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Old 02-05-2015, 07:25 AM
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What the heck do you ladies do. I pay about 2-5grand every year. I'm jealous
I will never have a return like this year's again-I am used to paying in! It was just a year of spending at my house...we moved, had lots of daycare related expenses, adopted a child, spent a lot more money on our foster kids than we were reimbursed for...just a year with a lot of deductions and one big credit.
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Old 02-05-2015, 07:44 AM
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I have been home with my own kids for the last 17 years, so we have been used to living on my husband's income alone. I poured everything I made back into the daycare. I had nothing starting out, since my kids are teenagers. Hopefully this year I will actually make more than I spend!
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Old 02-05-2015, 07:48 AM
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Default refund

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Originally Posted by angelw2babies View Post
I just filed my return yesterday, and am petrified I'm going to get audited! $7,000 seems like a lot to me, especially considering I only made $15,000. Has anyone else had returns that large?
There are so many factors that go into determining whether you owe taxes or will get a refund, that it doesn't make any sense to compare your return with another persons.

The goal should be to owe little or get a little refund at tax time.

As long as you have records to support what is on your tax return, don't worry about being audited.
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Old 02-05-2015, 11:31 AM
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My first year I was able to deduct a huge amount in start up costs. Also, my DH pays I believe 15% in taxes to make sure that we don't owe each year.
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Old 02-05-2015, 01:29 PM
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Quote:
Originally Posted by TomCopeland View Post
There are so many factors that go into determining whether you owe taxes or will get a refund, that it doesn't make any sense to compare your return with another persons.

The goal should be to owe little or get a little refund at tax time.


As long as you have records to support what is on your tax return, don't worry about being audited.

I agree but it doesn't seem to matter how we adjust things - every single year we get a large return. I think it has a lot to do with the fact that I only nanny part-time & then not in the summer, we have 3 kids & my husband's income (although he has awesome benefits) isn't that great for a family of 5 (we are very low middle class). We always get back 5K. He adjusted things so he claims us all & we still get that much back. So what are we doing wrong?
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Old 02-05-2015, 01:38 PM
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Originally Posted by angelw2babies View Post
I just filed my return yesterday, and am petrified I'm going to get audited! $7,000 seems like a lot to me, especially considering I only made $15,000. Has anyone else had returns that large?
I'm hoping! This is my first year filing with daycare. I will find out in a few weeks
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Old 03-05-2015, 01:58 PM
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I'm hoping! This is my first year filing with daycare. I will find out in a few weeks
Do you know how it turned out?

I was in business for 2 months in 2013, however, I only had 2 part time kids so I didn't claim anything but the income from them. This is my first year filling with a full year of daycare deductions, SMA for all meals (not on food program), etc and am expecting back roughly $5k. Filed over 3 wks ago and haven't heard anything
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Old 03-05-2015, 03:06 PM
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Default Tax refund

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Originally Posted by momofboys View Post
I agree but it doesn't seem to matter how we adjust things - every single year we get a large return. I think it has a lot to do with the fact that I only nanny part-time & then not in the summer, we have 3 kids & my husband's income (although he has awesome benefits) isn't that great for a family of 5 (we are very low middle class). We always get back 5K. He adjusted things so he claims us all & we still get that much back. So what are we doing wrong?
You need to decrease the amount your husband has withheld so you don't get such a large refund. The more children he claims the lower his withhold and the higher your refund. So, don't claim all the children or tell his employer to reduce his withholding taxes.
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Old 03-07-2015, 03:41 PM
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Ugh! We usually get a pretty decent return of a couple thousand.
This year, I made about $10,000 more (which will probably never happen again), and I owe back about $500
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Old 03-09-2015, 06:18 PM
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Originally Posted by TomCopeland View Post
You need to decrease the amount your husband has withheld so you don't get such a large refund. The more children he claims the lower his withhold and the higher your refund. So, don't claim all the children or tell his employer to reduce his withholding taxes.
Tom? More children= lower withholding= lower refund
If you want a lower refund, they would need to claim MORE kids/deductions, not fewer. True?
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Old 03-10-2015, 10:52 AM
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Originally Posted by Angelsj View Post
Tom? More children= lower withholding= lower refund
If you want a lower refund, they would need to claim MORE kids/deductions, not fewer. True?
Yes, please clarify. My DH claims 4 or 5 for dependents & we still get a huge refund. So, he should be claiming FEWER of us to get more $$$ in his paycheck? Is that accurate? Thank you!
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Old 03-10-2015, 11:05 AM
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Originally Posted by Angelsj View Post
Tom? More children= lower withholding= lower refund
If you want a lower refund, they would need to claim MORE kids/deductions, not fewer. True?
My mistake, sorry! Yes, to get less of a refund, have your husband withhold more from his paycheck.
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