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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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  #1  
Old 04-02-2012, 12:31 PM
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Default How Long Does It Take

So after a big debate I ended up taking my taxes to an accountant here in town that gave me an estimate of 200-250. Well he originally told me it would take about a week, well I called today because friday would have been a week and he still wasn't finished processing my information... so my question is has this happened to any of you... how long does it normally take for your taxes to be completed??
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Old 04-02-2012, 02:43 PM
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I FedEx'd mine to our accountant two weeks ago, haven't heard a word yet.
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Old 04-02-2012, 06:10 PM
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Quote:
Originally Posted by kayla View Post
So after a big debate I ended up taking my taxes to an accountant here in town that gave me an estimate of 200-250. Well he originally told me it would take about a week, well I called today because friday would have been a week and he still wasn't finished processing my information... so my question is has this happened to any of you... how long does it normally take for your taxes to be completed??
Several weeks and it costs me $600. I get money back so I can wait.
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Old 04-03-2012, 05:36 AM
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it took my accountant a couple days and we paid her 350 dollars. we took ours in the beginning of february. i would imagine that accountants are pretty busy with the end of tax season coming up. did you ask for an estimated date they would be done?
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Old 04-03-2012, 10:43 AM
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Mine took about a week. I had them in fairly early tho. I think most are fairly busy right now with people turning them in. Just give them a call and inquire about it. The worst that would happen is they say they aren't done, but at least you'll know!
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Old 04-03-2012, 10:51 AM
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depends you have everything totaled or in a box. Any thing I have a question on I put on a slip of paper with the cost date and what it is... then they tell me where it goes. or we discuss if it is deductible.

mine are done before we leave the office so 1/2 hour. Everything id put into the computer and we check to make sure everything is there. ... then the next day it is checked and then efiled. I had my refund in less than a week after that.

I had a new person a few things he said made me uncomfortable so I had the owner double check and everything was fine BUT I requested I not get him next year unless he has some training on family childcare.... so I guess I will pay more for an appt with the owner.
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Old 04-03-2012, 12:30 PM
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yeah I did get an estimate of time, he said it would only take a week thats why I am a bit worried, and I did call they said he was still processing some of the info... Guess i'm just worried if they will get done in time, and I guess how much I will have to pay in....
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Old 04-06-2012, 03:19 PM
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wow!! so I just went and paid 237 for my taxes and turns out I owe 1619 to federal and 83 to state.... I gues my question is how do all these daycares get money back??? what do I need to do??? I only made 22,000.... ughhh stressed Im going on maternity leave oh yeah this is gonna help making no money and owing money to the state and feds... woopy
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Old 04-06-2012, 03:39 PM
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Quote:
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wow!! so I just went and paid 237 for my taxes and turns out I owe 1619 to federal and 83 to state.... I gues my question is how do all these daycares get money back??? what do I need to do??? I only made 22,000.... ughhh stressed Im going on maternity leave oh yeah this is gonna help making no money and owing money to the state and feds... woopy
Did you write anything off? I would really question that! That seems alot sense you made so little. Is there anyway you could have someone else look at it?
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Old 04-10-2012, 07:39 AM
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I did have write offs but i'm so irritated... I don't know if its even worth doing if i'm going to owe this much every year, and im confused on where im supposed to go
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Old 04-10-2012, 07:45 AM
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Quote:
Originally Posted by kayla View Post
I did have write offs but i'm so irritated... I don't know if its even worth doing if i'm going to owe this much every year, and im confused on where im supposed to go
I am worried because I've NEVER had to pay taxes. Does your spouse make a TON of money?? My DH and I were worried originally because we thought we'd have to pay next year after we get married because once we do we'll get bumped into the next tax bracket but we talked to a tax consultant and as long as I stay below a yearly income we'll be fine. You should talk to one and ask for advice. You may also want to think about changing your tax preparer to one that specialized in family child care. Unless you didn't keep and include all of your expenses (including cleaning supplies and household items) there's no reason why you shouldn't get something back.
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Old 04-10-2012, 07:50 AM
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No he made less than I did.... I cannot afford to have someone else look at them at this point.... I already paid 237
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Old 04-10-2012, 10:31 AM
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did your preparer go over your taxes with you before they were sent in? I made a list of things that were deductions and all the totals and made sure that my tax lady entered them. What deductions did you give them to enter?
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Old 04-10-2012, 10:47 AM
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My tax guy told me that doing daycare so long as everything was done correct and you wrote off everything that you can you should never have to pay in.. My first year we had to pay in about 2200 total and I freaked out. Ever since I have been getting back anywhere from 2500-5000 a year. We go to someone that specializes in daycare taxes and we also take a little extra out of my husbands checks to cover some of the taxes.
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Old 04-10-2012, 11:07 AM
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I'm confused.

So those of you that get all that money "back" for your taxes, is that a refund of money you paid quarterly or a refund of money a spouse had taken out for taxes? Otherwise I don't understand how you could get a refund?

To me owing $1600 for $22,000 seems about right if she hasn't paid anything in yet.
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Old 04-10-2012, 12:21 PM
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When you claim daycare expenses this in turn lowers your taxable income which then lowers your tax owed.
There are also other places to receive credits - for example the earned income credit or a school/college/education credit.
My husband and I have also always claimed 0 and married, but withholding at higher single rate to increase our refund
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Old 04-10-2012, 01:06 PM
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We dropped our stuff off pretty early in January in hopes we could beat the rush. Ours were completed in about 2.5 weeks. Right now is PRIME TIME and CPA's are hurrying to get as many done as quickly as they can to meet the deadline. I wouldn't be surprised if they aren't done until they are due.
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Old 04-10-2012, 01:47 PM
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Two of my dcm's work for a tax prep office. They have an average of a 10 day turn around and the girls all work 7 days a week from April 1-17th.
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