I Hate Tax Time

[DancingQueen]

I noticed there are some very knowledgeable people on here. Is there an all in one place I can go to to find out more information about taxes, EIN, TIN, LLC and all of the rest of it that is so overwhelming for me?

I know that in January I have to provide my parents with a TIN along with some sort of TIN or SSN. I am not comfortable with them having my SSN but an EIN doesn't seen necessary when I read what it is used for. I need guidance.

[MarinaVanessa]

You know I went to a daycare workshop that had to do more about the business aspects of it and the guy that taught it actually recommended that we get an EIN. I did that by googling SS-44 (Application for Employer Identification Number) and then called (800) 829-4933. They answered fairly quickly and just asked me for my information that I had written on the form (Keep the form for your records and write your EIN on it). The workshop rep did say that if they asked why I needed an EIN if I didn't have employees to just explain that it was for daycare and I didn't want to give out my SSN. She didn't ask though and gave me my EIN right away over the phone.

I havn't ever applied for a TIN so I don't know how to go about that so can't help you there.

As for your question about if there is a place dedicated to daycare tax related questions I'm waiting to hear about that also, I havn't found one so if someone knows that would be great. My own tax preparer isn't the greatest when it comes to returning phone calls . I may be changing tax preparers soon .

[DancingQueen]

thank you! I know it is so easy to get an EIN I can actually get one online. (I did this for my 4-H club and their bank account). I just kept reading where it gives you the reasons you need one and then I didn't fit into any of that criteria so I was worried I was doing something wrong.

[kitkat]

I just got an EIN the other day through the IRS website. It took less than 5 minutes to complete the form, get the number, print it out, and print out a few W-10 forms. All of the families I have provided care for I knew and trusted with my SSN. However, I just started a new family that I don't know well, so I got an EIN.

As far as a website, you could try: http://www.resourcesforchildcaring.o...Has%20Answered. I don't think it has the things you are looking for, but it might be a starting point. You can also click on the For Child Care Providers tab and have more options to choose from.

I highly highly highly recommend buying a copy of Tom Copeland's Family Child Care Tax Workbook. It is very thorough and not terribly difficult to understand considering it's about taxes I do my own taxes because the accountant I was using was not doing a very good job and I figured I couldn't do any worse. After reading Tom's book, I feel pretty secure in how I do my taxes. I know I don't write off nearly 1/2 of what I could, but that's my own fault (I always forget the little things like toilet paper or paper towels). Even if you have an accountant that you trust, you should still get the book. Best $20 I ever spent. I purchased mine through Redleaf. Here's a link: http://www.redleafpress.org/showprod...fm?FullCat=402

[MarinaVanessa]

I highly highly highly recommend buying a copy of Tom Copeland's Family Child Care Tax Workbook. It is very thorough and not terribly difficult to understand considering it's about taxes I do my own taxes because the accountant I was using was not doing a very good job and I figured I couldn't do any worse. After reading Tom's book, I feel pretty secure in how I do my taxes. I know I don't write off nearly 1/2 of what I could, but that's my own fault (I always forget the little things like toilet paper or paper towels). Even if you have an accountant that you trust, you should still get the book. Best $20 I ever spent. I purchased mine through Redleaf. Here's a link: http://www.redleafpress.org/showprod...fm?FullCat=402

Ditto I agree, I love this book. I bought this book and others by Tom Copeland before I started daycare and then a few after and they are the best and most often used resources that I have when I have questions.

[TomCopeland]

Tax questions

Although you are not required to give parents your identification number at the end of the year (they are supposed to give you Form W-10) it's a good idea to do so. Using an EIN will help protect yourself from identity theft.

I'm happy to answer any business or tax question.