I Need It By The End Of The Day Today.......

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  • sharlan
    Daycare.com Member
    • May 2011
    • 6067

    #16
    This is what I told one of my fathers last year. I was in my car 1 1/2 hrs away from home and had no way to access my records.

    I'm sorry, but lack of planning on your part does not constitute an emergency on mine.

    Comment

    • CraftyMom
      Daycare.com Member
      • Jan 2014
      • 2285

      #17
      I gave out completed W-10's this week. I also have them sign that they received it and that they agree to the amount shown.

      I was going to mail out 3 that left on good terms, but I won't have their signature saying they received it. Maybe I should email it so I have proof I sent it?

      I had one ex dcd text me today asking me to text him his total and my tax #. I will not text that info. So I ended up emailing it to him. I think I'll do that with the others.

      Comment

      • Unregistered

        #18

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        • lovemykidstoo
          Daycare.com Member
          • Aug 2012
          • 4740

          #19
          I use the book for record keeping called Forms, Facts and Figures. I add up my income by month and transfer it to the back, so it's all there. Literally would take me 2 minutes to calculate how much they paid me for the year and hand write a receipt for it.

          Comment

          • Unregistered

            #20
            My income is on a spreadsheet totaled weekly and by family, also a YTD total.
            Spreadsheet does the calculations automatically, no need to add anything manually.
            It also makes a printout of income from each family's YTD, which I print after the last week of the year for the tax person. And it makes weekly parent receipts automatically. I just highlight the ones I want and press print.

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            • Unregistered

              #21


              Try this site.
              Last edited by Michael; 01-21-2015, 06:33 PM.

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              • Blackcat31
                • Oct 2010
                • 36124

                #22
                Originally posted by daycare
                I could be wrong, but if it is considered a gift and it should not be taxed
                Sorry, but you HAVE to claim money given as a gift or bonus as income. Therefore it IS taxable.

                Originally posted by SquirrellyMama
                What kind of bonuses? Don't we count everything as income? I'm not sure how to count Christmas gifts that I don't know the value of.

                Kelly
                I think DaycareDiva means that DCM added her (DCMs) bonuses into what she paid out to DaycareDiva and tried to claim the amount as part of her deductions/expenses.

                At least that's how I read it.

                Comment

                • daycare
                  Advanced Daycare.com *********
                  • Feb 2011
                  • 16259

                  #23
                  Originally posted by Blackcat31
                  Sorry, but you HAVE to claim money given as a gift or bonus as income. Therefore it IS taxable.



                  I think DaycareDiva means that DCM added her (DCMs) bonuses into what she paid out to DaycareDiva and tried to claim the amount as part of her deductions/expenses.

                  At least that's how I read it.
                  So the $1000 I give my kids each year for Christmas they have to pay tax on that ?

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                  • Unregistered

                    #24
                    Your kids are not a business.

                    Comment

                    • Alwaysgreener
                      Home Child Care Provider
                      • Oct 2013
                      • 2520

                      #25
                      Originally posted by jenboo
                      The first week of January I have them sign off on all their payments and then give them a copy.
                      Why do you have them sign off?

                      My first year and only family, I sent an email with a pdf statement after last payment cleared. I also gave my DCF weekly receipts, I only did a statement to include my EIN.

                      Comment

                      • Snowmom
                        Daycare.com Member
                        • Jan 2015
                        • 1689

                        #26
                        Originally posted by Blackcat31
                        Sorry, but you HAVE to claim money given as a gift or bonus as income. Therefore it IS taxable.
                        I don't think that is correct. It is actually the person giving the gift who has to pay gift taxes.
                        I've had to look up limits and tax laws on this when my uncle gifted me $10,000.

                        Here's one article that explains it a bit:
                        The Money Pros are standing by to take your questions. Q. I received a large cash gift in 2012. Could you tell me if this gift is considered income or if it has to be reported as a gift? Mary O&#82…

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                        • jenboo
                          Daycare.com Member
                          • Aug 2013
                          • 3180

                          #27
                          Originally posted by 284878
                          Why do you have them sign off?

                          My first year and only family, I sent an email with a pdf statement after last payment cleared. I also gave my DCF weekly receipts, I only did a statement to include my EIN.
                          So that they agree to the amount of $$ they paid. Just so that they can't come back later and say "hey, I paid $12,000 but only said I paid $10,000".

                          Comment

                          • jenboo
                            Daycare.com Member
                            • Aug 2013
                            • 3180

                            #28
                            Originally posted by Snowmom
                            I don't think that is correct. It is actually the person giving the gift who has to pay gift taxes.
                            I've had to look up limits and tax laws on this when my uncle gifted me $10,000.

                            Here's one article that explains it a bit:
                            http://www.nydailynews.com/new-york/...icle-1.1237806
                            Tom says that any $$ recieved by a daycare provider by a family is considered taxable income. I trust Tom.

                            Comment

                            • Unregistered

                              #29
                              Huge difference between an individual receiving a gift of money and a small business receiving a gift of money.

                              Comment

                              • Second Home
                                Daycare.com Member
                                • Jan 2014
                                • 1567

                                #30
                                Originally posted by 284878
                                Why do you have them sign off?
                                .
                                i have had a family try to claim what they paid another provider under my ein . I like to have a signature saying we both agree on the amount now .

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