Tax Statements - How Many Of You Give One To The Parents?

[jenny31052]

How many of you are handing out tax statements to their parents? Not just the daycare provider tax number, and info, but also a detailed statement with all the fees paid and when?

I give my parents a receipt each time they pay and on my handbook I say to keep the receipts for tax purposes, meaning that I expect the parents to filed them instead of throw them away, or loose them.

I just give them my IEN number at sign up together with the packet and that's it...

Still here we go, each family, other than one (the one I have never had problems with...) asking for a statement...

How do you do it?

[snbauser]

I use Minute Menu to track my payments. From there when I print the W-10's at the end of the year it includes the total amount paid for the year. I do not provide detailed statements unless specifically requested. The only time I have been specifically requested is for Flexible Spending Accounts.

[lovemykidstoo]

Since at the end of the year I have what each parent paid me for the whole year this is no big deal for me at all. All I do is write on my normal receipt the following:

1-1-12 through 12-31-12 Jane and John Doe paid $XX for the care of Johnny. Year end receipt. Then I sign it and put my ein number.

That's it. Very simple

[e.j.]

I give my families my EIN number and the total they paid for the year. I don't give them a detailed accounting of everything they paid. If they asked for it, though, I do have that info recorded and could give them a copy if they wanted/needed it for some reason. It would be easy enough for me to do that for them.

[daycarediva]

I do a W-10, if they want a $ amount, they have to wait for me to do my totals, and then I remind them that I give it to them as a courtesy, as I am not required to do so. It annoys me at people's irresponsibility with this as well.

I also have ONE family (here for 3 years) that don't even ask me for anything (they save the ein from previous years return). She asks to make sure our totals are the same, they always are.

[bunnyslippers]

I do an end of the year total for them.

[daycare]

I don't give out anything. Parents give me the form and I will write the total I have. It is their responsibility to keep track of their own records of money they spent on child care

[Lucy]

I give a W-10 in early January. No total amount written on it. There isn't even a box for it. Only had one mom who, after seeing the W-10 dad brought home the night before, asked me if I provide a total amount, and I just said, "your checks are your receipts", which it said in the papers she signed at enrollment. She just kinda went, "shoot!.... ok." and left it at that!

I have one family who does flexible spending at work, so I give them a receipt once a month.

I had a new one this year who said, "Do I need to give you a 1099 or W-2 or something?" LOL. Made me realize she thinks of me like an employee! (She's great in every way, so I just let it roll off my back. She honestly didn't know how this worked.)

[CrackerJacks]

I also do not give my parents anything except for my tax ID #.

[Angelsj]

I do. Nothing fancy, but it is a full page (less likely to get lost), has my tax id on it, and the total for the family.
Mr John Smith paid the above total for child care in 2012...or whatever. And my signature. Pretty simple, but it lets those that keep records double check the amounts, and those that don't, appreciate the total I give them (and they know what I am claiming.)

[lovemykidstoo]

I'm kinda surprised that some think that giving them a total is a problem. Don't you keep records of each family and how much they pay you for the year? I can look to see what someone paid me for the year in about 2 seconds. I'm not slamming anyone, I'm just curious as to what kind of records you keep. I use a fabulous book called Forms, Facts and Figures and it is the only thing I have to take to my tax guy. It has everything including income, expenses, hours, food program, mileage etc in it.

[Abigail]

Originally Posted by Lucy

I give a W-10 in early January. No total amount written on it. There isn't even a box for it. Only had one mom who, after seeing the W-10 dad brought home the night before, asked me if I provide a total amount, and I just said, "your checks are your receipts", which it said in the papers she signed at enrollment. She just kinda went, "shoot!.... ok." and left it at that!

I have one family who does flexible spending at work, so I give them a receipt once a month.

I had a new one this year who said, "Do I need to give you a 1099 or W-2 or something?" LOL. Made me realize she thinks of me like an employee! (She's great in every way, so I just let it roll off my back. She honestly didn't know how this worked.)

LOL, I would have said "No those are only for employees, I'm a business owner." Thanks though!

Originally Posted by lovemykidstoo

I'm kinda surprised that some think that giving them a total is a problem. Don't you keep records of each family and how much they pay you for the year? I can look to see what someone paid me for the year in about 2 seconds. I'm not slamming anyone, I'm just curious as to what kind of records you keep. I use a fabulous book called Forms, Facts and Figures and it is the only thing I have to take to my tax guy. It has everything including income, expenses, hours, food program, mileage etc in it.

This just ended my first year of business so I spent HOURS entering in my individual receipts to parents in my computer. Now this year I am doing the receipts on paper STILL, but before I bring it to the bank I put the amounts and dates and if it was late or on time in my excel spreadsheet that automatically totals up everyones payment on their own spreadsheet then the first tab on the workbook totals up all families and the food program for my year-to-date total. It took forever to figure out a good way for me to track this easily so now that the hard work is done I just started it again for this year and really like it!

I created a spreadsheet for expenses which I'm still working on since I have not entered last years yet. I plan on printing off monthly calendars to write hours even though I have attendance i am doing tons of hours outside of children being here. Mileage is included in my expenses spreadsheet. I have a column for shared expense totals and exclusive expense totals and have a page for mapquest mileage so everything is automatically calculated once I enter in each receipt and I also type up exactly what I purchased so I can look back and see where all the money went. LOL. I've never heard of the program you use, but was it meant specifically for FCC? How much was it and when you buy it do you own it or have to pay an annual fee?

[lovemykidstoo]

Originally Posted by Abigail

I've never heard of the program you use, but was it meant specifically for FCC? How much was it and when you buy it do you own it or have to pay an annual fee?

The Forms Facts and Figures is $14.00. It's not something that you have to belong to. They just sell those. You can also buy receipts. This is the site if you want to look. You click on "store" and it shows what they sell. I love it because like I said, everything is there that you need to take to your tax advisor. Has an envelope in the back also for your receipts. You can click on the picture of the Forms, Facts and Figures and you can see detailed what's inside. It's not a computer program, but an actual book persay. It's roughly about 18" X 12"

http://www.wildwoodonline.org/tp40/A...tore&ID=114146


Your spreadsheet sounds really cool too!

[kendallina]

I give each parent a w-10 (I think that's what it's called) with my EIN number and the amount that they paid me that year just written on the top of the page.

[kitykids3]

I print out w-10's from my MMK that have the total and my EIN. Quick and simple.

[SunnyDay]

Originally Posted by kitykids3

I print out w-10's from my MMK that have the total and my EIN. Quick and simple.

This is what I did, it was super easy! I have a lot of parents who are first time parents and new to child care, so I wanted to make sure they had all of the information they needed, since some did not realize that child care might be tax deductible. I think it helps them realize the value of using a licensed/tax law abiding child care, as well

[jokalima]

Originally Posted by daycarediva

I do a W-10, if they want a $ amount, they have to wait for me to do my totals, and then I remind them that I give it to them as a courtesy, as I am not required to do so. It annoys me at people's irresponsibility with this as well.

I also have ONE family (here for 3 years) that don't even ask me for anything (they save the ein from previous years return). She asks to make sure our totals are the same, they always are.

If I do a W10 and don't have my tax ID available, do I have to fill out the ss # part?

[Blackcat31]

Originally Posted by jokalima

If I do a W10 and don't have my tax ID available, do I have to fill out the ss # part?

I would be inclined to say yes.

Why don't you have your EIN # available? Do you have one?

If you lost it, you could simply look on your last years tax returns and get it off there. You could also just call the IRS number and I am sure you could find out how to get it.

If you don't have one, you can get one immediately on-line.

[jokalima]

I have one, just can't find it right now and looked in to last years tax returns and the accountant used my ss so is not there. A parent just texted me they need the # ASAP and I dont want to give out my social.

[Blackcat31]

Originally Posted by jokalima

I have one, just can't find it right now and looked in to last years tax returns and the accountant used my ss so is not there. A parent just texted me they need the # ASAP and I dont want to give out my social.

Try here: http://www.irs.gov/Businesses/Small-...ed-Your-EIN%3F

It should give you instructions on how to find it.

If you already gave the mom a W-10, I certainly wouldn't rush to give the information to her again.

If you never did give it to her, I would simply tell her she will need to wait until you locate it.

I use MMK and it is on the top of all the statements I print out for parents

[MarinaVanessa]

Originally Posted by jenny31052

How many of you are handing out tax statements to their parents? Not just the daycare provider tax number, and info, but also a detailed statement with all the fees paid and when?

I give my parents a receipt each time they pay and on my handbook I say to keep the receipts for tax purposes, meaning that I expect the parents to filed them instead of throw them away, or loose them.

I just give them my IEN number at sign up together with the packet and that's it...

Still here we go, each family, other than one (the one I have never had problems with...) asking for a statement...

How do you do it?

I use MMK with the ChildCarePay option and I set up an account for ALL of my clients, even if they don't use it. I print out W-10s at the beginning of the year for them which has the total amount that they paid but I don't print out detailed statements for them. If they want detailed statements they can log in to ChildCarePay and print out their receipts from their. I also don't hand out receipts, they print those out themselves from ChildCarePay too.

I do this to save time, ink and paper.

[KnoxMom]

Originally Posted by jokalima

I have one, just can't find it right now and looked in to last years tax returns and the accountant used my ss so is not there. A parent just texted me they need the # ASAP and I dont want to give out my social.

Just call the IRS for your EIN. Here is the link to the page: "Lost or Misplaced Your EIN?" http://www.irs.gov/Businesses/Small-...ed-Your-EIN%3F

[KnoxMom]

W-10, EIN, and total at the beginning of the year

[sammie]

Originally Posted by jokalima

I have one, just can't find it right now and looked in to last years tax returns and the accountant used my ss so is not there. A parent just texted me they need the # ASAP and I dont want to give out my social.

Call the IRS. They will ask you a few questions and then give it to you over the phone. I did this at the begining of the year.

[Meeko]

Originally Posted by lovemykidstoo

Since at the end of the year I have what each parent paid me for the whole year this is no big deal for me at all. All I do is write on my normal receipt the following:

1-1-12 through 12-31-12 Jane and John Doe paid $XX for the care of Johnny. Year end receipt. Then I sign it and put my ein number.

That's it. Very simple

I do the exact same thing. I also give them a W10.

But I don't do full statements showing every single payment.

I also give it out ONCE. One year, I did it about three times because parents kept losing the info. I put a $10 fee on every extra copy and they somehow managed to keep track of them after that!

[AmyKidsCo]

Originally Posted by snbauser

I use Minute Menu to track my payments. From there when I print the W-10's at the end of the year it includes the total amount paid for the year. I do not provide detailed statements unless specifically requested. The only time I have been specifically requested is for Flexible Spending Accounts.

I do the same thing - receipts for each payment and the MMK W-10 at the end of the year. Tom Copeland says we don't have to do the W-10 unless the parents ask for it, but I do - I have them initial the amount then make a copy for their records and keep the one they initialed.

[EntropyControlSpecialist]

Originally Posted by MarinaVanessa

I use MMK with the ChildCarePay option and I set up an account for ALL of my clients, even if they don't use it. I print out W-10s at the beginning of the year for them which has the total amount that they paid but I don't print out detailed statements for them. If they want detailed statements they can log in to ChildCarePay and print out their receipts from their. I also don't hand out receipts, they print those out themselves from ChildCarePay too.

I do this to save time, ink and paper.

This, exactly.

Using child care management software will allow you to easily print tax statements for families. Some, like Procare Software, offer the option to print detailed statements showing every transaction throughout the year or an end-of-year summary (with totals only) just for tax purposes.

[MarinaVanessa]

Originally Posted by PhilEH

Using child care management software will allow you to easily print tax statements for families. Some, like Procare Software, offer the option to print detailed statements showing every transaction throughout the year or an end-of-year summary (with totals only) just for tax purposes.

MMK does this also, which I use. I just choose not to print out detailed payment statements when clients can keep track of their payments or can print out their own receipts and logs themselves by logging in to their accounts. It just saves me time, paper, ink and hassle. Now I suppose if they wanted an emailed PDF then I could do that but I've never had anyone ask before.