Proof of Income

[SilverSabre25]

I have to provide "pay stubs" (aka proof of income) for something...I get paid by checks and paid in some cash...what's the best way to show proof of income as a home daycare provider?

[Blackcat31]

I have to provide "pay stubs" (aka proof of income) for something...I get paid by checks and paid in some cash...what's the best way to show proof of income as a home daycare provider?

I always use my profit and loss (Schedule C, I think) from my taxes. Whoever is asking, usually just divides and figures a rough estimate for my monthly income. I always explain that no two months are ever alike so that is the most accurate way I can do it.

[mismatchedsocks]

I use my tax forms, depending on what they need. I think schedule C is the main one they want to see, like black cat said. I would never be able to provide weekly stubs, I spend cash, deposit different amounts each week, etc.

[daycare]

I only take online payments so all of my money goes into my account. I provide them with my bank statements and my childcarepay deposits...

I dont take checks or cash anymore...

[KEG123]

You should at least be giving receipts to the parents who pay in cash.

Also when you do proof of income, do you take our your business related expenses? Because in November I think I'm going to have to give proof of income to DHS.

[MyAngels]

Most banks will want to see your Schedule C for the past two or three years, depending on what you are taking out a loan for. The schedule C does include business expenses, as well as expenses for business use of your home.

I've also provided a profit and loss statement a couple of times, which is basically the same as Schedule C.

[SilverSabre25]

It's not a bank--it's to file for deferment on my student loans. They just said they needed to see two pay stubs. My DH, that's easy. Think printing off just two weeks of information from Minute Menu would work? I'm really nervous and don't want to screw this up.

[Blackcat31]

It's not a bank--it's to file for deferment on my student loans. They just said they needed to see two pay stubs. My DH, that's easy. Think printing off just two weeks of information from Minute Menu would work? I'm really nervous and don't want to screw this up.

Oh, Silver deferment is a super easy process! I have done it twice over the last several years (once during financial issues and once when I went back to school). Both times I sent in my Schedule C and they figured it out no problem and I received the deferment no questions asked and without any hassles at all.

Don't stress, IME, it really isn't anything to worry about.

[SilverSabre25]

Oh, Silver deferment is a super easy process! I have done it twice over the last several years (once during financial issues and once when I went back to school). Both times I sent in my Schedule C and they figured it out no problem and I received the deferment no questions asked and without any hassles at all.

Don't stress, IME, it really isn't anything to worry about.

Thanks Blackcat; that makes me feel better! I'll just do the schedule C then and call it a day.

[Crystal]

Quarterly profit and loss is what most places want. I have one if you want it, just PM me. You will have to put in your own info of course.

[mac60]

I would log your income for 2 weeks and send that. The profit/loss portion is not a true/honest reflection of our true income. Then it depends, do you want to show a "low" income, or a "higher" income.

[SilverSabre25]

...and for a weird, but not entirely bad update...

I had just finished printing everything off, getting ready to head out to fax all the information to the loan company, when the phone rang. After a couple days of avoiding the calls because it's in collections, I decided to answer it. Gave my little spiel about applying for deferment, etc, etc, going to fax paperwork tonight.

And as of two days ago, I don't have to submit paperwork, they can do it over the phone!!! They told me as recently as LAST WEEK that I had to jump through 1000* hoops to do this.

The good part--I'm applied now, and there's little chance it won't be approved.

The annoying part-- WHY DIDN'T YOU IMPLEMENT THAT SOONER?!? ::headdesk::