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Old 03-26-2013, 03:32 PM   #1
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Exclamation watching a kid for the summer...taxes ?

I have never ran a daycare or anything, Im just watching my friends daughter for the summer while she is out of school. Her dad is paying for it and is going to claim it on his taxes. So i need to provide receipts. To make it all legal on my end can someone give me any pointers on claiming it on my taxes and all that? I dont want to get a special tax id # unless that actually makes it easier? :-/ I dont know what to do haha. Is there any websites out there that explain it easily with out all the Tax wording that confuses me ?

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Old 03-26-2013, 03:38 PM   #2
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From whAt I understand it is id or ss#. I prefer id not my ss#. Prep time before & after usually about hr on eAch endof your day.You can decide to charge how you like. Don't forget self employ tax on taxes. You cAn claim mileage & food per partition whatever that is. Part to all house depending on if u use all of ur house/ part. electric & like bills as well & mortgage stuff. Would get receipt book for payments. I looked into with my tax accountant so that's y I know some of it.
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Old 03-26-2013, 03:43 PM   #3
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Re: watching a kid for the summer...taxes ?

okay, she said he would pay $25/day and i will only have her 3 days a week unless something comes up. Im okay with that amount. If i set up a tax ID #, do i close it after the im done watching her or how does that work? :-/
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Old 03-26-2013, 04:21 PM   #4
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They will need id of yours if tbhey claim on taxes next april but that's as far as I know.


That's about what smaller daycares charge here in small towns.

Hoping someone can fill more in from my stuff I said.
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Old 03-26-2013, 06:44 PM   #5
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Re: watching a kid for the summer...taxes ?

You only need to report day care expenses if you earn $1700 or more during the year.
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Old 03-26-2013, 06:49 PM   #6
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You report any income over $600 a year from a source, is what I've always understood. May not be worth the hassle of attempting write offs as its tough to differentiate personal from professional. I always lean conservative audit-shy though. Esp if its that little, just $75/wk, I would just declare it as other income. Much simpler.
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Old 03-26-2013, 07:20 PM   #7
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Originally Posted by pinktoes View Post
You report any income over $600 a year from a source, is what I've always understood. May not be worth the hassle of attempting write offs as its tough to differentiate personal from professional. I always lean conservative audit-shy though. Esp if its that little, just $75/wk, I would just declare it as other income. Much simpler.
Yes but there's a formula to figure out partials & all. 75per week x 52 weeks is over 600 & 1700 other person said.
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Old 03-27-2013, 10:16 PM   #8
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You have to report ALL income, not just over a certain amount. You dont need special forms, just keep records. We had to do it this year because my husband worked security a couple of times as a side job. We just used Turbotax and it walked us through it. Make sure you keep track of all income and expenses. You have to pay regular state/federal taxes on the income, plus you have to pay self employment taxes as well, so claim any/all deductions you can!
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Old 03-27-2013, 10:55 PM   #9
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If they're going to claim it on their taxes, they should be familiar with the required forms they'll need to do so. You can have them fill out a 1099 form for you, and then you can report the income by entering it as a 1099.

To be safe, you could call a place like h&r block and ask them what to do. I'll be watching a child fr the summer as well, and my plan is to get a tax ID number so the parents can use that instead of my Ssn. Then you just report it under "other income"
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Old 03-28-2013, 03:37 AM   #10
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Re: watching a kid for the summer...taxes ?

There are specific tax laws that apply just to child care income. I had to familiarize myself with them recently because of our nanny. For 2012, it was income over $1700/year that had to be reported. There is a $600/year cutoff for other types of income.
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