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Babysitting and taxes.....

I have never filled income tax on my babysitting money but a friend was telling me if i did I would get money back. For the whole year I made about $2550 and i have myself and my child to claim too. Does anyone know anything about if I would get money back have to pay in or what?? I also get foodstamps if that makes any difference. Another thing does the child I keep do thier parents have to know I am doing the babysitting on my taxes this year. Sorry I know nothing about claiming taxes any help will do

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Asked by Anonymous at 11:22 AM on Nov. 24, 2010 in Money & Work

Answers (3)
  • You will still need to pay self employment tax. Keep all your receipts for expenses and keep a calendar of all the activities you did to create those expenses. You then deduct those expenses from the amount you made and that is your taxable income. If that is all you made then your standard deduction and child tax credit is going to just minus it out and you will get a refund. I like using the calculators at H&R Block. It will give you a better answer. Foodstamps have nothing to do with taxes.

    Answer by Momforhealth at 11:28 AM on Nov. 24, 2010

  • You will end up paying more then you get back. Babysitting is gerneraling considered "under the table" though

    Answer by JLS2388 at 1:00 PM on Nov. 24, 2010

  • Besides possibly stealing from those of us who pay taxes, you are risking huge penalties, and possibly prison.

    Call the IRS 1-800-829-1040 - Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).

    Answer by rkoloms at 8:44 AM on Nov. 25, 2010

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