Can you claim child care expences for you own child. For example if you charge $25 a day for the others can you claim that it also cost you $25 a day
2007-04-13 02:43:15 · 5 answers · asked by Answerman 3 in Business & Finance ➔ Taxes ➔ United States
you cannot pay yourself for taking care of your own child, that is your responsibility and not deductible.
2007-04-13 03:13:50 · answer #1 · answered by Ola 4 · 0⤊ 1⤋
Unfortunately, no. Also, if they are claiming the Child Dependent Care credit, you will have to provide them with either an Employer Identification Number which you can apply for or your Social Security Number. You will have to include it as income if they are applying for the credit. Not telling you anything to try to get over, but if they do not claim this credit (you would know if they don't have your EIN or SSN) the IRS will not know if you don't report it. DO NOT BREAK THE LAW!!! Because this can backfire as well.
But as far as beneficial if you claimed your own kids, no, not really. Either you take the credit or look at saving the $25. The credit is only a fraction, so you're better off by not even trying. In essence, you could, but it will only hurt you.
2007-04-13 10:06:47 · answer #2 · answered by Casper K 2 · 2⤊ 0⤋
No. If you could, you'd just have to turn around and claim that $25 a day as income, and it would end up costing you in taxes.
2007-04-13 12:04:53 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
I can't imagine that you could. Plus, you'd have to "pay" yourself for daycare, then pay income tax on that. So I think it would hurt you more than benefit anyways.
2007-04-13 09:51:57 · answer #4 · answered by Shane 5 · 1⤊ 0⤋
no you can't claim yourself for watching your own child. it is your responsibility as a parent to do it or pay someone else to do it.
2007-04-13 09:52:24 · answer #5 · answered by jezbnme 6 · 1⤊ 1⤋