Default Style Register
Daycare.com Forum
Daycare and Taxes>Give year-end receipt for holding fees only?
earlystart 02:38 PM 01-15-2013
I have one family whose only payments to me in 2012 were for a deposit and holding fees, I didn't actually start care until 2013. Do I still give them a year-end summary with receipts and treat everything the same as I would a family who received care in 2012? Will I still report this income the same way for 2012 tax purposes as I would any other family?
Reply
TomCopeland 04:30 PM 01-15-2013
Originally Posted by earlystart:
I have one family whose only payments to me in 2012 were for a deposit and holding fees, I didn't actually start care until 2013. Do I still give them a year-end summary with receipts and treat everything the same as I would a family who received care in 2012? Will I still report this income the same way for 2012 tax purposes as I would any other family?
Give them a receipt for the entire amount they paid you. Let them sort out what to claim as their child care tax credit. Report this as income for you in 2012.
Reply
Reply Up