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| *Loan,banking and credit>>>child tax |
I care for a child in my home... do I have to claim it on my tax return next year? |
I will make $5000 by the end of the year watching a child in my home. Do I have to claim it or is there a certain amount you can make without claiming in Colorado? If you make $400 or more in net (after expenses) self-employment income, you must file a federal income tax return and report it and pay, at the least, self-employment tax. If you have Colorado income and must file a 1040, you must file a Colorado return. Source(s): http://www.irs.gov/businesses/small/arti... http://www.revenue.state.co.us/pdf/05104... turbotax.com or irs.gov....they should have the answer The child's parents will probably want to write the amount of money they've given you on thier taxes. So you will have to provide that to them and then that leaves you with the income to report. You have to claim it. Theoretically you have to file even if you have no income. Different states have different income tax laws but the Federal government has the same laws for everyone and yes you do have to claim any and all income on your tax returns.. now there may be tax credits or something like that but IF IT IS INCOME YOU HAVE TO CLAIM IT" especially if who you are sitting for deducts it on their taxes.. It is reportable and taxable, net of your direct expenses. Your "customer" or "client" will probably need to report your tax ID number on their own tax return to get the child care deduction. |
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