Can I Use A New EIN For 2010?

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • safechner
    Daycare.com Member
    • Jan 2010
    • 753
    #1

    Can I Use A New EIN For 2010?

    I am going to make a phone call to IRS to get EIN today. I know that I will get it right away. I need to know if I can use it for taxes 2010 that I dont have to give my daycare parents with my ssn that I am not comfortable with. I will need to give the W10 with my EIN this Friday to my daycare parents. Can they file with my new EIN right away? Please let me know.

    Thanks!
    Tags: ein, social security number, tom copeland
      • Flag
    • safechner
      Daycare.com Member
      • Jan 2010
      • 753
      #2
      It looks like it is going to be too late for me. If I get an ein today and all of my parents will have to file their tax return in the mail. Next year, they can file electronically their tax return. I should have gotten in 2010, not today.
        • Flag

        Comment

        • TomCopeland
          Business Author/Trainer
          • Jun 2010
          • 3062
          #3
          Ein

          Once you get your EIN start using it with parents for their 2010 tax return. If some of them use your social security number and some use your EIN, that's okay.

          Parents can use your EIN to file electronically in 2010.
          http://www.tomcopelandblog.com
            • Flag

            Comment

            • Unregistered
              #4
              More EIN ?'s

              OK, I had the same question about using it immediately. If I get one today my parents can use it for their 2010 taxes?? Also do I have to be licensed to get an EIN? I only watch 2 kids so legally I do not have to be licensed. Lastly, would getting and EIN make MY taxes more complicated? What do I have to do on my taxes to account for this money? Thanks in advance for your help!
                • Flag

                Comment

                • TomCopeland
                  Business Author/Trainer
                  • Jun 2010
                  • 3062
                  #5
                  Ein

                  You can get an EIN even if you are not licensed. You can start using it today for 2010 taxes. Getting an EIN only means you are showing this number on your Schedule C and Form 1040SE when filing your taxes. It doesn't make your taxes any more complicated.

                  You must report your day care income on Schedule C. You claim your business expenses on this form as well as on Form 8829 Expenses for Business Use of Your Home. There are many many deductions you can claim on these to forms to reduce any taxes you might owe.
                  http://www.tomcopelandblog.com
                    • Flag

                    Comment

                    • Unregistered
                      #6
                      Thanks so much for the reply! One more question, if I receive money now for day care in 2010 do I claim it on my 2010 taxes or 2011?
                        • Flag

                        Comment

                        • TomCopeland
                          Business Author/Trainer
                          • Jun 2010
                          • 3062
                          #7
                          When to Claim Income

                          Claim money you got in 2011 for child care in 2010 as income in 2011. Report income in the year you received it, not the year you earned it.
                          http://www.tomcopelandblog.com
                            • Flag

                            Comment

                            Previous template Next
                            Working...