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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 02-12-2011, 01:31 PM
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Default Please Help!

I'm babysitting for my cousin and she has filled for FSA daycare and I'm wondering if I will have to pay taxes on it?
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Old 02-12-2011, 03:33 PM
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TomCopeland TomCopeland is offline
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Join Date: Jun 2010
Location: St. Paul, Minnesota
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Default Income?

Any money you receive for caring for children must be reported as taxable income on Schedule C, no matter how small the amount. If you haven't been paid before now, and you start being paid you can now claim business deductions on Schedule C as well. Tom

Join me February 28th for a webinar "How to Reduce Your Taxes for 2010 and 2011" For more info:
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babysitter, fsa

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