TAX TIPS

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*SPECIAL UPDATE*

                                         Tax Tips from

                                    Taxes N Books, Inc.

First I want to thank Sue for giving me this opportunity to be a part of your news letter and speak to

you each month. I was a daycare provider from 1983 to 1990. I started my tax business in 1986, specializing

in daycare taxes. I have a deep respect for the hard work you do daily and especially the importance

of the work. You providers are truly the mothers of the world, giving the love and care to

many children that would not get it otherwise.

The Stimulas payment seems to be the most current event, creating the most questions. Whether or

not you are entitled to it, is really an individual question. The main rules are: you must have at least

$3000 of net income (or social security) on your 2007 tax return to receive the minimum of $300 per

adult in the household. Then you will also receive $300 per child under 17. Children over 17 in 2007,

are turning 18 in 2008, so the IRS must be waiting until the 2008 tax return is filed, to see who claims

the 18 yr. old. Then, who ever does, will get the $300 with their 2008 tax return. Likewise for anyone

who did not get their stimulas payment or may have been shorted, the rest of the payment you are entitled

to will be given with your 2008 taxes. To get the full $600 ea. Per couple, there must have been at

least $1200 of tax paid on the tax return. For example if a family of 4 showed a total tax paid on the

tax return of $1050, and their children are under 17, they should receive $1650. (1050 + 300 + 300). If

their total tax paid was $2350, they would receive $1800. (1200 + 300 + 300).

All the payments that were sent by direct deposit should have been received by May 16th. The check

payments will start around May 16th and continue until the first week of July. The smaller the last

two digits of the main social security number on the tax return is, the sooner you will receive your

check. I hope you are all getting your payments soon and enjoying spending it.

Please feel free to call Taxes n Books, Inc. at 916-444-2666 if you have more questions. Also email

me at taxkitty49@yahoo.com if you have questions or ideas for future articles.

Thank You, Judy Shorten

 

 


Redleaf National Institute
Family Child Care Provider Business News
http://www.redleafinstitute.com/index.cfm?section=bn&page=bn01
 
Here is the W-10 form to give your Child Care parents for the end of the year
 
IRS standard meal deduction explanation
 
Don't use your Social Security number get a Tax ID number, go here for further information. It's easy and quick to get.
 
 
 
For all Tax related articles go to
 
 
 

Articles

Record Keeping and Taxes
Reducing Business Risks
Retirement Planning
For Tax Preparers


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Record Keeping and Taxes

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End-of-Year Record Keeping #1 by Tom Copeland
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Going Out of Business by Tom Copeland
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