I babysit a child during the week and the mother pays me for this service. She wants to file for the child care credit. What forms do I also need to file?
2007-01-26 04:28:57 · 5 answers · asked by ea1825 2 in Business & Finance ➔ Taxes ➔ United States
The only way you need to file is if she sends you a 1099 MISC. before January 31, 2007.
In that case all you do is file form 1040 & Schedule C because it'll count as self employment - I assume that she is not deducting taxes etc.?
2007-01-26 04:35:50 · answer #1 · answered by Yvonne M 2 · 0⤊ 0⤋
She (the mom) will need your social security number in order to claim the child care credit on her tax return. You will need to report this income on your tax return. If you are babysitting in your home, you can claim a home office deduction for the use of your home for the day care. This will help to reduce the amount of tax you will need to pay on your babysitting income. Also, the net babysitting income (income after deducting expenses) will be subject to self employment tax.
2007-01-26 12:42:49 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
you will most likely file a 1099 form.
that bites too!
cash should be cash ;)
2007-01-26 12:32:23 · answer #3 · answered by ? 6 · 0⤊ 1⤋
just report this income to your tax preparer
2007-01-26 12:31:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
None you'll be ok.
2007-01-26 12:32:47 · answer #5 · answered by kissfromaroes 3 · 1⤊ 0⤋