Form 1040 Schedule C Profit or Loss from Business – Use this form to report your income and your business expenses. The expenses from Form 8829 and Form 4562 are transferred to this form.
Form 1040 ES Estimated Tax for Individuals – Use these quarterly forms to pay estimated taxes on April 18. 2011, June 15, 2011, September 15, 2011, and January 16, 2012.
Form 1040 Schedule SE Self-Employment Tax – Use this form to calculate your social security/medicare taxes on the profit of your Schedule C. Transfer this tax amount to your Form 1040.
Form 1040 X Amended U.S. Individual Tax Return – Use this form to amend your tax return up to three years after filing your original return.
Form 3115 Application for Change in Accounting Method – Use this form to recapture any depreciation you were entitled to claim from earlier years but didn’t claim. There is no limit for how far back you can go to recapture this depreciation. My book Family Child Care Tax Workbook and Organizer has a chapter explaining how to fill out this form.
Form 4562 Depreciation and Amortization – Use this form to claim depreciation on office equipment (computers, printers, etc.), furniture, appliances, fence, patio, and home improvements
Form 8829 Expenses for Business Use of Your Home – Use this form to calculate your Time-Space percentage and claim house expenses: property tax, mortgage interest, house repairs, utilities, house insurance, and house depreciation. The 2010 version was released by the IRS on February 7, 2010.
Instructions for Form 8829 Expenses for Business Use of Your Home – This form contains an explanation of how to report your time-space percentage on Form 8829 when you have an exclusive use room. See page 2.
Form 8962 Application for Voluntary Classification Settlement Program – Use this form to avoid being audited for incorrectly treating your assistants as independent contractors. For details on this program, see my article.
Form SS-4 Application for Employer Identification Number – Use this form to get your EIN to protect yourself against identity theft. Give parents your EIN rather than your Social Security number. You can get your EIN online at www.irs.gov.
Form W-10 Dependent Care Provider’s Identification and Certification – Use this form to give parents your identification number. You can write the amount the parent paid you on the top of the form and use it as an end-of-year receipt. Get the parent to sign a copy and keep for your records.
IRS Publication 583 Starting a Business and Keeping Records – This publication outlines what records to keep to claim them as business expenses.
IRS Publication 587 Business Use of Your Home – This publication explains how to calculate your time-space percentage and claim food expenses.
Here are the significant tax changes affecting family child care providers:
Here is a list of the IRS standard meal allowance rates for 2008-current year.
Image credit: www.irs.gov