Parent Tax Statements

[susanpierce124]

Does anyone have a professional looking paper that you use to give parents their end of the year statement for their taxes ???

[Crystal]

You should use the w-10 provided by the IRS....here's a link:

http://www.irs.gov/pub/irs-pdf/fw10.pdf

[momma2girls]

I think you mean something like this. I place my name, SS#, and address on it, then below that I have I have done daycare for ____________ in the amt. of __________________ in the yr. of 2009
THis is all I place on it, and I hand it to them yr. after yr.

[originalkat]

I give them a w-10 which I can print from my minute menu software. Then I print off a statement of payments which lists the date and amount for each of the year. If I did not have this program I would just type out a simple statement listing the total amount for the year...maybe on letter head if you have it or make your own on your computer.

You might want to get an EIN (Employer Identification Number) so you dont have to give your social security number to your clients. It is simple and free. Go the the irs website for more info.

[GretasLittleFriends]

This last year is the first year I did daycare. I too use minute menu so I just print the W-10 from their website. As I gave each of my parents their W-10 I was slightly uncomfortable writing in my SSN.

When I lived in another state and worked away from home, tax time my dclady would just hand me a slip of paper with my total which I double checked against my records. Then her SSN on the paper. I knew her name and address already. Honestly half the time this was handed to me on a piece of yellow steno paper.

[gbcc]

This last year is the first year I did daycare. I too use minute menu so I just print the W-10 from their website. As I gave each of my parents their W-10 I was slightly uncomfortable writing in my SSN.

When I lived in another state and worked away from home, tax time my dclady would just hand me a slip of paper with my total which I double checked against my records. Then her SSN on the paper. I knew her name and address already. Honestly half the time this was handed to me on a piece of yellow steno paper.

I registered online for a tax id number (TIN). It can be used to replace your social security number for parents, taxes, bank accounts etc. Parents can't steal your credit info that way either.

[My4SunshineGirlsNY]

I use Minute Menu as well and print off a W-10...looks professional and it's so easy.

I also got a Tax ID number...it was free and no handing out my social number to all these parents. There are many sites that will try to charge for a TIN, I forget the exact web address...it might have been the IRS website, but don't pay for one, you can get it for free.

[Crystal]

the link I posted is for the W10...it's an IRS document, and is also available on MinuteMenu. Definitley get an EID #.....much safer.

[Carole's Daycare]

My daycare software provides a year end statement printable, either with the data you have entered through the invoicing system, or you can enter the total. Before I used that I used the W-10. Tom Copeland of Redleaf Press recommends an annual receipt with the relevant info that your client signs to keep a copy of for your own records. This covers your business if a client claims a higher amount of daycare expense for a larger daycare credit than you claimed as income, thus heading a potential audit off right at the beginning.

[marniewon]

You should use the w-10 provided by the IRS....here's a link:

http://www.irs.gov/pub/irs-pdf/fw10.pdf

Am I missing something, or is there nowhere to put the amount paid for the year? I thought that was part of the purpose of the W-10?

[ninosqueridos]

The w10 is the proper way to provide your families with your SS or EIN, Name and Address. They will then use that info for their taxes. What I do is attach a cover letter as well as a statement to each family with the total they paid in childcare for the year. It seems to work well for my group.

[TomCopeland]

W-10

There is no official place to put how much parents paid you for the year on the W-10. You can write in the amount across the top of the form.

Remember, although it's a good idea to give parents the W-10 for their tax records, it's equally important to keep a signed copy for your records. It's the parent's responsibility to give you the W-10, but parents aren't doing this. Giving the parents the W-10 helps them out. If a parent left you on bad terms and is now demanding that you give them the W-10 or give them you tax id#, you are not required to give it to them.

[Cat Herder]

There is no official place to put how much parents paid you for the year on the W-10. You can write in the amount across the top of the form.

Remember, although it's a good idea to give parents the W-10 for their tax records, it's equally important to keep a signed copy for your records. It's the parent's responsibility to give you the W-10, but parents aren't doing this. Giving the parents the W-10 helps them out. If a parent left you on bad terms and is now demanding that you give them the W-10 or give them you tax id#, you are not required to give it to them.

Thank you!!!!!!

[Unregistered]

LLC Daycare

I was told by my provider for daycare, that she had no deadline rules to give me back my tax form for the previous year. Here we are in the end of January and she’s telling me it could still be a couple weeks. She says because she is an LLC, that she has a form that I have to sign before she can give me her tax ID. Otherwise she refused to give me her tax ID number so I could complete my taxes. Has anyone heard of this before in an LLC?

[Blackcat31]

I was told by my provider for daycare, that she had no deadline rules to give me back my tax form for the previous year. Here we are in the end of January and she’s telling me it could still be a couple weeks. She says because she is an LLC, that she has a form that I have to sign before she can give me her tax ID. Otherwise she refused to give me her tax ID number so I could complete my taxes. Has anyone heard of this before in an LLC?

She isn’t legally obligated to give you any type of statement at all other than her tax ID or SS#

You can track your own totals

http://tomcopelandblog.com/truth-end-year-parent-receipts-2