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View Full Version : Newbie here, few quick questions


g*mom*of*3
05-05-2008, 07:33 PM
If I choose to not become licensed and only care for a few children, do I still do all the same tax stuff that a licensed operator does? Give the parents receipts, keep a log of all pay received ? And what about things I purchase for the daycare, am I able to keep receipts and write that off as well? What about things such as utilites and such? Or do I need to be licensed and have an official business to do all this?

TIA!!


jodysromance
05-06-2008, 09:00 AM
Yes, I called my accountant and asked this question.
Just keep all your expense receipts etc.

FindAllison
05-06-2008, 01:18 PM
Hi there Glenda & welcome to the boards,

I thought you might find this article helpful in preparing for next tax year:

Let Uncle Sam Foot The Cost Of Advertising Your Home Daycare Business (http://familydaycarearticles.com/?p=13)

Allison


TiffanyM
05-09-2008, 07:32 PM
In the state of IL licenses vs. unlicensed has nothing to do with how you claim taxes. I am licensed so being a "legit" daycare parents expect to be able to claim child care expenses on their taxes which in turns means I must file. I provide them with statements at the end of the year for tax purposes so they can get the credit.

Just be sure if you don't plan to claim taxes that parents are aware of this so that they don't assume they can claim childcare expenses on their taxes. This will get you into trouble if they claim expenses but you don't report...big no no.