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

[sharlan]

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.

[CraftyMom]

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.

[Unregistered]

http://www.tomcopelandblog.com/2013/12/giving-and-receiving-gifts-during-the-holidays.html

[lovemykidstoo]

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.

[Unregistered]

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.

[Unregistered]

http://www.tomcopelandblog.com/2013/12/giving-and-receiving-gifts-during-the-holidays.html

Try this site.

[Blackcat31]

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.

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.

[daycare]

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 ?

[Unregistered]

Your kids are not a business.

[Alwaysgreener]

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.

[Snowmom]

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:

http://www.nydailynews.com/new-york/money-pros-large-cash-gift-considered-income-reported-irs-article-1.1237806

[jenboo]

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".

[jenboo]

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.

[Unregistered]

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

[Second Home]

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 .