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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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Old 02-26-2016, 02:16 PM
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mama2one mama2one is offline
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Default Is There a Minimum Amount for Tax Invoice?

I have a dcp asking for the amount she paid in 2015 which was barely over $100. I did not give her an invoice for taxes as I read someplace and under the impression that if the amount was under $600 i did not have to. any info would be great thank you
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Old 02-26-2016, 02:21 PM
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If YOU made over $600, you have to claim all income, and give your tax info to parents. In fact even if you make less than that you are required to give the info to parents, you just won't owe taxes on it. Failure to give a parent who asks the info is an automatic $50 fine, and very likely an audit. I would give the information and be done with it.
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Old 02-26-2016, 02:26 PM
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okay thank you, I must have misread how that worked. I have never had a parent pay that low of an amount before.
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Old 02-26-2016, 03:25 PM
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Default income

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Originally Posted by Thriftylady View Post
If YOU made over $600, you have to claim all income, and give your tax info to parents. In fact even if you make less than that you are required to give the info to parents, you just won't owe taxes on it. Failure to give a parent who asks the info is an automatic $50 fine, and very likely an audit. I would give the information and be done with it.
Providers are required to report as income all money they receive from parents, regardless of how little. There is no $600 rule that says you don't have to report income below $600. Providers only face a $50 fine if the parent gives them Form W-10 and the provider refuses to fill it out. It's the parent's responsibility to give the provider this form, not the other way around. Unless the parent owes the provider money, I recommend that all providers give parents a receipt for the amount the parent paid, plus their ID # and get the parent to sign a copy of the receipt for their own records.
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