It's hard to believe 2014 is right around the corner and thus also doing our taxes. This is a very general question but as this will be my first year having daycare taxes wondering how badly providers are hit at tax time. My scenario is this...I have two little ones I watch and have spent quite a bit of money on training, conferences and getting my daycare set up with safety items, toys, high chairs, etc.... Just really hoping I don't get socked with taxes as I only have my income from 2 children. Also, is it worse having only 2 children or does it balance out due to income being lower? Thanks so much for any help you can provide. OH, also is there a calculator online that can help you figure out an estimate of taxes due or owed to you? Thanks!

Reply

As long as you keep your deductions in order and make sure to claim all you can you should be fine. I usually make about 35-40k per year and I still get back a few thousand dollars each year after I put in all my deductions. I only have one child.

I have been doing daycare for 7 years and I have always gotten a refund, never paid in anything.

Reply