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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 12-31-2019, 08:27 AM
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Reimel61 Reimel61 is offline
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Default Security Deposit and First Week Deposit?

I contracted with a family in November 2019 for start in February 2020. i have already received payment for the security deposit and the first week tuition. What year do I claim this? 2019 or 2020? Thanks.
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Old 12-31-2019, 11:33 AM
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TomCopeland TomCopeland is offline
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Default when to deposit income?

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Originally Posted by Reimel61 View Post
I contracted with a family in November 2019 for start in February 2020. i have already received payment for the security deposit and the first week tuition. What year do I claim this? 2019 or 2020? Thanks.
2019. Report income in the year you receive it, not the year you earned it. See my article on this: http://tomcopelandblog.com/when-do-you-report-income-3
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