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

[daycare]

How do you inform parents about tax information.

I have been getting emails from parents telling me.

I am doing my taxes today, I need my end of the year statement from you by the end of the day today or weekend and etc.

What do you tell parents??? What is your policy on this?

BTW I don't give out anything until the end of the month as a courtesy to all of the parents.

[Second Home]

I tell my dcp that I will have their statements by Feb . That is when I have all my accounting and tax info completed . If they need it now then they would have to keep track of their receipts themselves . I also do not give the info out over the phone , I require the parents sign off on the amount they ( and I ) are claiming.

[Blackcat31]

My handbook says this:

TAX INFORMATION

Provider's EIN will be written on the last receipt of the year for tax purposes.

Should families need a total amount paid over the course of the year, a balance will be provided but will be provided only AFTER the provider's taxes have been completed.

This can be any time before April 15. Should a family require a total balance before that date, it will be the family's responsibility to track these totals as the provider will not make exceptions to this policy.

Once the provider's taxes have been completed, families will be required to sign and date a W-10 form. A copy of this form will be given to each family and another copy will be kept in the child's files.

Duplicates will be provided for a small fee.

[Baby Beluga]

I email everyone a read only PDF that has their total amount paid, when care started and ended for 2014, my EIN number and other pertinent tax info. I just emailed them all out last night.

[daycare]

love all the information thanks so much for sharing....

[KDC]

I invested some time to make a ledger that can be copy and pasted into end of year statements, with totals & EIN#. Each family has their own tab in excel. I can also copy and paste it into invoices/receipts. I can total it all up for my tax purposes. I provide monthly receipts (many families have flex spending accounts.) Every payment when made is reported in my ledger. I've already e-mailed out my end of year statements, specifically to not stress me out. In the years past, I've always scrambled and I just made a decision to be more proactive

I like BC's idea to add it to the parent handbook/contract so that each family knows ahead of time they need to be the one to keep track, unless they want to wait. Many of my parents would forget and still ask::

[jenboo]

The first week of January I have them sign off on all their payments and then give them a copy.

[spinnymarie]

I don't mind handing it out, but no one said anything like 'by this date' to me when they very politely asked if we would be letting them know the total.
I had them sign a statement with totals and gave them one I signed just this week, as we got that info together for taxes already anyway.

[daycarediva]

BC- I may tweak that and steal it! Great idea to add it to the ever-growing handbook.

I totaled mine and gave out receipts with total an EIN the day after New Years. $5 a copy after that.

Its just easier for me, as I had a parent incorrectly total it herself when she gave me a W10 (and she was an accountant/CPA for a large college!). We spent 30 minutes totaling both of our records after hours one year. She had added in her BONUSES to me as pay, as well as after hours babysitting my daughter had done for her.

I won't even go into how dishonest I thought she was after that. I now want to know that parents are claiming what I ACTUALLY earned.

I don't actually FILE my taxes until Mid March usually.

[SquirrellyMama]

Its just easier for me, as I had a parent incorrectly total it herself when she gave me a W10 (and she was an accountant/CPA for a large college!). We spent 30 minutes totaling both of our records after hours one year. She had added in her BONUSES to me as pay...

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

[originalkat]

I send home info in the January newsletter that I would have their tax documents to them by Jan 16. I just printed off the statement of payments from the Minute Menu program. It is simple and easy.

My parent handbook also states that I will send home tax info in January of each year.

[daycare]

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 could be wrong, but if it is considered a gift and it should not be taxed

[SquirrellyMama]

I could be wrong, but if it is considered a gift and it should not be taxed

That will make life easier.

Kelly

[daycare]

this may help

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#2

[KiddieCahoots]

Mine may be a little much, but I've grown accustomed to doing it.
On letterhead I list all payments made throughout the yr, date received, and amount.
Then the total amount paid for the yr, that I will be claiming, with my EIN, license #, and signature, along with a second letter thanking them for being a valued client, and that I'm looking forward to working with their family in the coming yr.
I usually give these letters the first week in January.