Daycare.com Forum Daycare Management Software

Go Back   Daycare.com Forum > Daycare and Taxes

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.

Reply
 
Thread Tools Display Modes
  #1  
Old 07-08-2011, 05:23 PM
Christina72684's Avatar
Christina72684 Christina72684 is offline
Daycare.com Member
 
Join Date: May 2011
Posts: 406
Question TIN Questions

I am a license daycare home owner, well co-owner with my mom. When we filled out our licensing paperwork we had to fill out a W-9, which had something to do with a Tax ID Number, but I'm not sure if that got us a TIN or not. We didn't have a name for the daycare yet, so I just put my name and social security number on it.

We went to the bank to open a business bank account but they said we had to have a TIN, but I didn't want to apply for one again if we already had one. I asked our licensing consultant if we would get a TIN since we filled that paper out and she had no clue! Plus she said the bank shouldn't need one.

So do we had one since I filled out a W-9? I just didn't want to apply twice and get everything screwed up! Also, whats the difference between a TIN and an EIN? We have an assistant that works for us so we're trying to figure out payroll and all that good stuff, so we didn't know if we needed that too.

Thanks so much for all the help!
Reply With Quote
  #2  
Old 07-08-2011, 09:05 PM
heyhun77's Avatar
heyhun77 heyhun77 is offline
Advanced Daycare.com Member
 
Join Date: Jan 2011
Location: North Dakota
Posts: 370
Default

The W-9 is simply a form for the state to record information on the person accepting payments from them (for instance state childcare assistance payments). You probably used one of your social security numbers on the W-9. In order to get a TIN (Taxpayer Identification Number) you need to go to the IRS website at www.irs.gov and find the link to request a TIN. You answer the questions on the website and it will immediately give you your TIN. Print out the page and keep it for your records. The IRS will later send you a letter confirming your TIN.

The bank wants a TIN because you are opening a business checking account and probably in the name of your business. If you are in fact using an assumed name for your business you need to get the TIN in that same name.

If you just want a regular checking account for the business income and expenses to go through you could just open a joint account in both names without the business name on it.

If you ARE using an assumed name you will want to check with your state's secretary of the state to find out if the name you are using is already in use. If not, then you can file to register the use of your assumed name so no one else can use it. It's usually a quick form to fill out and a small application fee to process it. If you have done this already then you're done with one step of the process.

I hope I addressed everything you were asking.
Reply With Quote
  #3  
Old 07-09-2011, 02:59 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,057
Default Tin & ein

For tax purposes you want an EIN (Employer Identification Number). An EIN is one type of TIN.

Here's information about the EIN: http://www.tomcopelandblog.com/2011/...o-parents.html

Heyhun77 is correct.
__________________
http://www.tomcopelandblog.com
Reply With Quote
Reply

Tags
tax id, tin

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Questions TGPII Daycare Center and Family Home Forum 16 04-14-2012 01:40 PM
Expecting #2 Questions meli829 Daycare Center and Family Home Forum 4 11-22-2010 10:32 AM
A Few Questions for Providers dgis967 Parents and Guardians Forum 3 10-13-2010 07:05 AM
New to Daycare and I Have a Few Questions Christophina Daycare and Taxes 8 08-20-2010 02:38 PM
Florida Providers I have a Couple Questions for You ghostlykisses Daycare Center and Family Home Forum 6 02-28-2010 05:32 AM


All times are GMT -7. The time now is 01:18 AM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming