Does Everyone Claim Taxes

[MommyofThree]

Ok so I am new to all this and some parents say if they can pay just when kids are here then they wont claim me . So should I give them that option. Who claims the money or who does it under the table. Is it illegal? If you claim how much do you pay or what percentage. Im so lost.

[busymommy0420]

I claim 100% of the money I make for daycare regardless if the family uses it as a deduction or not. I would rather be safe then sorry and pay my taxes on the money I make. I do think it is illegal to not claim money earned.

~There are so many deductions you can make as a business owner to offset the taxes. (Portion of your mortgage, gas, water bill, electricity, food, postage stamps, toys) Tons more. Keep good records!!!!

[MommyofThree]

I claim 100% of the money I make for daycare regardless if the family uses it as a deduction or not. I would rather be safe then sorry and pay my taxes on the money I make. I do think it is illegal to not claim money earned.

~There are so many deductions you can make as a business owner to offset the taxes. (Portion of your mortgage, gas, water bill, electricity, food, postage stamps, toys) Tons more. Keep good records!!!!

Ok but do you have to keep recipts?

[Cat Herder]

Is it illegal?

It is my understanding that it is.

"Under the table" income is something tax auditors are looking for.

[MommyofThree]

It is my understanding that it is.

"Under the table" income is something tax auditors are looking for.

Ok so what percentage out of the weekly money do I put away?

[Cat Herder]

Ok so what percentage out of the weekly money do I put away?

I am ALWAYS full, all full-time, and I have never earned enough to have to pay.

Check out Toms thread/forum.... he goes over this stuff quite a bit.

After all the meal deductions, time space, supplies, etc... I get a hefty refund every year.

[MommyofThree]

I am ALWAYS full, all full-time, and I have never earned enough to have to pay.

Check out Toms thread/forum.... he goes over this stuff quite a bit.

After all the meal deductions, time space, supplies, etc... I get a hefty refund every year.

NICE:} Thanks.

[beachgrl]

I am dreading this bc i have put nothing back, havent been able to afford to and i really need to start calling around to see if i can find a reasonably priced cpa that can do my taxes for me. I normally file online but with the deductions and all and me working the first half the year still teaching, idk how it will all come together, ugh

[melissa ann]

My most recent interview, the parents asked if I file my income. I said yes. They said one of their providers did and the other did not.
I don't know why anyone would take the risk of not filing. I have always filed even if my parents did not claim it.
Yes you need receipts. If you take the standard meal deductions, then you don't need the food receipts. But everything else yes.
I use MMK and file my expenses within a day of 2 and put all my receipts in a box by my computer. Once you get into the habit of recording your expenses and keeping your receipts, you'll find that it doesn't take long, and makes it a heck of lot easier at tax time because with MMK, they do all the work. All I have to do is print out the forms.

[MommyofThree]

I am dreading this bc i have put nothing back, havent been able to afford to and i really need to start calling around to see if i can find a reasonably priced cpa that can do my taxes for me. I normally file online but with the deductions and all and me working the first half the year still teaching, idk how it will all come together, ugh

If you go to H and R block on line that helps you step by step.

[busymommy0420]

Ok but do you have to keep recipts?

Oh yes, I opened in March so I have only been in business less then a year. I have receipts for everything! I made 16K from the parents payments but have tons of deductions off that income. I think I will not have to pay anything at all, I am a Mommy of four as well. Get a GOOD Accountant who is familiar with home daycare businesses.

[MommyofThree]

Ok so she I tell parents to pay then even if they don't come like on holidays.? Does anybody who claims only have parents pay when they are there, thanks

[busymommy0420]

My parents get 10 days off a year that's it!!! I get paid no matter if they are here or not. I get paid on holidays as well.

[MommyofThree]

My parents get 10 days off a year that's it!!! I get paid no matter if they are here or not. I get paid on holidays as well.

But how do you do that with part timers that have diff days every week

[sharlan]

I have found that it's in my best interest to claim my income. I have so many deductions that I've rarely had to pay anything.

It doesn't matter whether or not the parents tell you that they are going to claim you or not, they have that right. They can even file without your SS#.