Income taxes

im not for sure, but heres a bump.

i do know if the parents of the kids you are keeping file child care expenses, you will have to file that income regardless. 

Keep a copy of all checks or a copy of the receipts that you give to the parent. you will need those to file your taxes. You will have to pay self-employment taxes when you file.

You get paid "under the table" you will have to pay into taxes.  I hope you have been saving hun 

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You will have to file out a self employement worksheet. You also have to pay self employement taxes. There are things you can deduct. Do you work out of your home? You can claim some of that. But I will warn you, you might get audited because the IRS looks at using your home as a business very closely. Any other expenses that that are related you should beable toclaim.

Forgot to add. Make sure that you give the parents something showing how much they have paid you, so that they can file that on their taxes for a child care tax credit.

this is what i was talking about.

my dh owns his own business, so we were going to file child care as well, but my aunt used to keep the kids then and she was on a fixed income and she would have to pay taxes on that and i knew she couldnt. so we didnt claim it.

Quoting eeyoreplus4:

Forgot to add. Make sure that you give the parents something showing how much they have paid you, so that they can file that on their taxes for a child care tax credit.

Quoting tracey111005:

I have always had a job where they take taxes out. I have been taking care of 2 kids since September and I get paid by personal check every Friday. My question is, what special forms do I need to fill out for when I file taxes? Since I dont get taxes taken out will I have to pay in? I am clueless about this so any information about it would be very helpful. Thanks in advance.

Yes that is income you earned, you should be paying a percentage of that in taxes, all sorts of taxes, Federal, Medicade, Social Security and any local and state taxes that apply.

Try the Irs.gov website for information on your federal amounts you owe

You will be filing the usual 1040 form along with a schedule C, make sure you have all income figured up and all expenses to run the daycare, there is also the ability to claim a percentage of your household bill and such based on how much of the house you use for the business.  You can usually figure this out by dividing square feet by the square feet you typically use for the daycare and come up with the percentage, more than likely you will need to guess at the sqft you use but make sure you make it fair to you. 

I take care of them at their house.

A lot of times self-employment taxes are as much as 50% of what you are taking in. I would start putting money back. Also I believe that if you make less than $5000/year you don't have to file taxes. But please look that up.