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Preschool vs. Day Care TAX
Posted on 8/15/13 at 10:04 am
Posted on 8/15/13 at 10:04 am
I have been paying my babysitter in cash for 3 years so i havent been able to claim it on my taxes. My oldest girl started preschool this year. She is 4. Will i get to claim that on my taxes the same as I would if they went to a simple day care? Also if so what is the most I can claim for a year for 1 kid?
2
Posted on 8/15/13 at 10:06 am to keeton350
I don't think preschool qualifies for the credit
Posted on 8/15/13 at 10:26 am to keeton350
quote:
I have been paying my babysitter in cash for 3 years so i havent been able to claim it on my taxes.
I do this too
I'm not allowed to claim it on my taxes if I pay in cash?
Posted on 8/15/13 at 10:31 am to Salmon
quote:
I'm not allowed to claim it on my taxes if I pay in cash?
Not if you're breaking the law by not withholding tax and Social Security.
Posted on 8/15/13 at 10:36 am to Layabout
that's not the babysitters responsibility come tax time?
Posted on 8/15/13 at 11:12 am to Salmon
I' going to assume the government looks at it like you're the employeer and they're the employee. Neither of you are taking out money. That is unless you get an independent contractor babysitter. Doubt they have many of those though.
Posted on 8/15/13 at 11:13 am to Salmon
quote:
that's not the babysitters responsibility come tax time?
Household employees require you to withhold SS/medicare along with paying FUTA. This is contingent on the amount being over 1800 a year for a single employee and over 1000 for futa. You are not required to withhold federal income taxes. You will also need to file with your state department of labor and pay the rate assigned up to your states limit.
With these withholding you will need to file an annual w-3 and provide your employee with a w-2.
IRS Reference
This post was edited on 8/15/13 at 11:16 am
Posted on 8/15/13 at 11:15 am to Salmon
quote:
that's not the babysitters responsibility come tax time?
If you pay a household employee more than $1800 a year your are required to withhold medicare and social security taxes.
Posted on 8/15/13 at 11:26 am to Salmon
quote:
that's not the babysitters responsibility come tax time?
no, that's on you
and you can't claim it
This post was edited on 8/15/13 at 11:27 am
Posted on 8/15/13 at 11:33 am to yellowfin
quote:
I don't think preschool qualifies for the credit
Yes it does.
Posted on 8/15/13 at 12:17 pm to Y.A. Tittle
you are correct, it's below kindergarten
Posted on 8/15/13 at 12:22 pm to yellowfin
Thanks. How much a year can you claim?
Posted on 8/15/13 at 1:50 pm to keeton350
think the max credit is $600 per kid
Posted on 8/15/13 at 6:17 pm to yellowfin
quote:
I don't think preschool qualifies for the credit
I hope you are wrong!!!!
Update - they already called you out and set you straight.
They should give credits for private school tuition - another thread....
This post was edited on 8/15/13 at 6:19 pm
Posted on 8/15/13 at 8:43 pm to yellowfin
quote:
think the max credit is $600 per kid
I thought that was max family? Hope you are right. We also take out 7.65 or something like that for taxes, or SS/MC.
We do a Mother's Day out as well for 3 year old, he frickin loves it, goes 3x a week from 9-2
Posted on 8/19/13 at 10:22 pm to ItNeverRains
Pre-k is like child care... Both parents have to be working to take the deduction.
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