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-10 | Dependent Care Provider’s Identification and Certification (Keep for your records) | |
| IRS 1040 | U.S. Individual Income Tax Return | |
| Schedule A | Itemized Deductions | |
| Schedule B | Interest and Ordinary Dividends | |
| Schedule C | Profit or Loss from Business | |
| Schedule D | Capital Gains and Losses | |
| Schedule SE | Self Employment tax | |
| Schedule EIC | Earned Income Credit | |
| Form 4562 | Depreciation and Amortization | |
| Form 8829 | Expenses for Business Use of Your Home | |
| Employment and Tax Forms | ||
| Employment Eligibility Verification | ||
| Form SS-4 | Application for Employer Identification Number | |
| Form W-4 | Employee’s Withholding Allowance Certificate | |
| Form 940 | Employer’s Annual Federal Unemployment (FUTA) Tax Return | |
| Form 941 | Employer’s Quarterly Federal Tax Return | |
| Form 944 | Employer’s Annual Federal Tax Return | |
Material adapted with permission from North Dakota Child Care Resource and Referral.
