Is there a minimum amount I don’t have to report as income?

Any money you earn caring for children is taxable income, no matter how small the amount. If a parent pays you $15 for one day of care and you never see the parent again, you must report the $15 (or even $1) as income on Schedule C.

Parent may or may not try to claim the child care tax credit. If they don’t, you still must report what they did pay you as income.

Categories: Ask Tom, Parents & Taxes, Record Keeping & Taxes