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IRS Tax Forms and Schedules

IRS TAX FORMS AND SCHEDULES

Filing taxes is not a job everyone looks forward to. It is, however, a critical part of running your child care business. It is thought that many providers are not aware of the tax rules, don’t take the deductions they are entitled to, and end up paying more taxes than they need to. This is money right out of your pocket.

The child care business has tax rules that don’t apply to many other small businesses. That is why it is so important to find a tax preparer that knows the child care rules. Ask the tax preparer if he/she has prepared provider taxes and ask for a reference(s).

An excellent source of tax information and preparation is the Family Child Care 200X Tax Workbook and Organizer by Tom Copeland. It has tear-out forms/schedules and walks you through them using child care examples. A new book is published for every tax year and highlights new child care business tax laws for that tax year. It can be ordered from Redleaf Press at www.redleafpress.org or 800-423-8309.

Providers who use a tax preparer should order Family Child Care Tax Companion also by Copeland. It contains a greatly expanded Tax Organizer which will help you and your preparer avoid mistakes. An updated version is published annually.

Listed below are the IRS Tax Forms and Schedules that you may use in the child care business. Remember there may also be state or local forms. Always consult your tax preparer on specific questions. Forms, instructions and publications can be found at www.irs.gov.

Income Tax Forms  
   
Form W-10Dependent Care Provider’s Identification and Certification (Keep for your records)
IRS 1040U.S. Individual Income Tax Return
 Schedule AItemized Deductions
 Schedule BInterest and Ordinary Dividends
 Schedule CProfit or Loss from Business
 Schedule DCapital Gains and Losses
 Schedule SESelf Employment tax
 Schedule EICEarned Income Credit
Form 4562Depreciation and Amortization
Form 8829Expenses for Business Use of Your Home
   
Employment and Tax Forms
 Employment Eligibility Verification
 Form SS-4Application for Employer Identification Number
 Form W-4Employee’s Withholding Allowance Certificate
 Form 940Employer’s Annual Federal Unemployment (FUTA) Tax Return
 Form 941Employer’s Quarterly Federal Tax Return
 Form 944Employer’s Annual Federal Tax Return

Material adapted with permission from North Dakota Child Care Resource and Referral.
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