If I make money through baby sitting can I get money back for taxes?

Question

I refuse to place my daughter in daycare (after her experience) and so the only way I can make money with my daughter by her side,is by watching other children (which will allow me to have my daughter with me)

Would I be able to get money back from my taxes, or would I have to be an employee at a business?

Answer 1

To get a refund from taxes, you would have to pay taxes.  If you are running your own daycare business, you should report (pay) estimated taxes quarterly.  

Answer 2

Well, technically you only get "money back" from your taxes when you've overpaid the government throughout the year.  If you're paying the government tax throughout the year and you've paid them too much - then yes, you may get "money back".  If you're not reporting your income to the government and paying tax on it... there's no way you can get money back because you haven't paid anything.  

Answer 3

Ehhh, are you sure that you will even have to report this to the IRS.  What the man don't know won't hurt 'em.

You will not get money back unless you get a LLC, pay yourself a salary, and claim 0 deductions.  Otherwise when you are self-employed you typically don't get any money back.

Answer 4

You must file taxes to get a refund. Filing taxes for babysitting would be a form of self-employment.

Answer 5

I don't know what you are thinking, how you ask this makes no sense.

If you take children into your home, you will have to issue receipts if the parents ask for them - so they can use the childcare expense deduction.

You will have to report this as income, and therefore have to pay tax on it, not get money back...

This may be dependent upon where you live, though.

Answer 6

If you're just getting paid under the table.. no.

Answer 7

you will not get money back from taxes if your home is not an actual daycare center. If youre not paying taxes on the money you receive then you will not receive money back in return.

Answer 8

Save all your receipts you may be able to write off things as a business expense. My mom and dad had foster care (elderly) and they had to save all receipts in order to "write things off" like gas and food and stuff.  

Answer 9

no, you have to get a w-2 which you only get if you work at a real business.  

Answer 10

Uh, do you pay taxes?

Answer 11

Your question is not clear.

Are you paying taxes in the first place?

Are you running a business?  If so, you will have to file a Schedule C.  But if you are not making quarterly estimated payments throughout the year, it is more likely that you will OWE taxes.

You need to find out the maximum amount of money you can earn "under the table" before you have to file taxes.  You could run the risk of an audit if you aren't careful.

Think of it like this....  

The money you get back on taxes is the change for what you paid on the taxes...  much like if you pay a dollar for a 75 cent candy bar, you will get 25 cents back.  If you don't pay the dollar in the first place, you won't get the 25 cents in change.  Also, if you eat the candy bar without paying for it, someone might chase you down for the cost of the candy bar and additional fines.

Answer 12

This can get tricksy. If you are babysitting other people's kids as your own daycare, you would need a business license and you would be taxed. If you are simply babysitting as teenagers do and happen to keep your daughter with you, you probably wouldn't get money back from taxes. But on the positive side, the money you earn most likely won't be taxed. However, if you work regularly as a babysitter and begin earning over a certain amount (it may be $600/year), you will be obligated to declare it as income and file taxes, otherwise you're defrauding the government. The basic rundown is that you get money back on taxes when you spend it on a necessity (ie, actors with acting classes/parents with daycare), and you are taxed on money earned (ie, having a job).So the short answer is, no, you can't get money back on taxes for babysitting.