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Daycare and Taxes>I Am Clueless - Do I Need A W-2?
JustMe 10:45 AM 01-14-2013
This is my first year where I have done home daycare, and I was wondering how to claim my income. Do I fill out a w-2 for myself? Is there a different form I need in order to claim my income?

I am doing my taxes myself using turbotax business/home edition, if that makes any difference.
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TomCopeland 11:36 AM 01-14-2013
Originally Posted by JustMe:
This is my first year where I have done home daycare, and I was wondering how to claim my income. Do I fill out a w-2 for myself? Is there a different form I need in order to claim my income?

I am doing my taxes myself using turbotax business/home edition, if that makes any difference.
No, a W-2 is only issued by an employer for her employee. You are self employed, so you don't fill out a W-2. Instead, report your income and expenses on Schedule C. You should also be filling out Form 8829. If you use Turbo Tax it will ask you, at some point, if you use your home for your business and if you are a child care provider. Then it will take you through the various tax forms.

I'd be careful in using Turbo tax if you don't already understand the unique tax rules affecting family child care (time-space %, Food Program and standard meal allowance rule, claiming household items, depreciating household items). My 2012 Family Child Care Tax Workbook and Organizer takes you through each tax form and it has a section on Turbo Tax.

Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register:
http://events.r20.constantcontact.co...&llr=yatrx4cab
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JustMe 12:26 PM 01-14-2013
Thank you!
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