2007 Tax Season

Deborah · **Posted:** Wed Nov 28, 2007 2:43 pm

2007 taxes are approaching ..and we are screaming HELP!! there is somoene out there please welcome Sharon Riley to our forum.
She will be posting some important information so please read carefully!

Thanks Sharon For helping us out!

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

Glad to be here, Hon.

Here is my disclaimer:

I am offering you the best advice I can without knowing your entire circumstance. This is especially true of chat situations. There, I am giving you the best advice I can on the fly, off the top of my head. Every tax situation is different. It is never my intent to give you advice to circumvent or violate the law or IRS regulations.

Sorry, I was advised, by my lawyer, to add this disclaimer to every board on which I post.

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

For y'all to look at from my website http://nelsonandriley.biz/default.asp

HELP SHEETS [color=red]http://nelsonandriley.biz/daycare_help.asp [b]These will help anyone do a better job on your return.

These explain a lot of issues in plain English: http://nelsonandriley.biz/news.asp?acti ... ategory=22[/b][/color]

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

[b]Gimme a while and I'll figure out how to work your system. Meanwhile check out the website. All materials are free.

kareybear · **Joined:** Mon Nov 26, 2007 9:18 am **Posts:** 130

Welcome Sher_Riley.... Glad to have you here on the forum.... I totally understand about the disclaimer...So no hard feeling....

Deborah · **Posted:** Wed Nov 28, 2007 7:48 pm

Great!! You are here !! Thanks!!

This woman knows our business ladies and gents!! Seriously she knows things that go beyond .. shes full of great advice!!

SO if ya have questions post away!!

Deborah · **Posted:** Thu Nov 29, 2007 4:48 am

I have a question regarding forms. I can not think of the form type. There is a form we fill out each year with our EIN # or ss# and give to the parents .............. On this form there is no where to record payments amount. Do we have to give the parents this form or can we give them a letter with the same information on it?

Little People Play Care · **Posted:** Thu Nov 29, 2007 1:47 pm

Is there an overall tax percentage that can be used to guesstimate the amount of taxes you should pay based on income? I found something online that told me based on $30k income my tax amount would be 15%. That equals $4500.00. Does that mean that any amount of deductions I have exceeding the $4500 I get as a refund? I am looking at right around $7500.00 in deductions for the year. I am having my taxes done this year but I am just trying to get an idea of what kind of refund I will be getting. I have one dependent, age 3. I file Head of Household. I am 28. Live in TN. I am single. I should get EIC I believe. I work PT at Wal-Mart but I pay taxes from each check there. Any info would be great! Thanks!

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

Deborah wrote:

I have a question regarding forms. I can not think of the form type. There is a form we fill out each year with our EIN # or ss# and give to the parents .............. On this form there is no where to record payments amount. Do we have to give the parents this form or can we give them a letter with the same information on it?

[b]It's called a W-10, Hon. Here's your link http://www.irs.gov/pub/irs-pdf/fw10.pdf

You should fill out TWO with the amount of money somewhere. Have the client sign one that you keep. This protects you in an audit.

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

Little People Play Care wrote:

Is there an overall tax percentage that can be used to guesstimate the amount of taxes you should pay based on income? I found something online that told me based on $30k income my tax amount would be 15%. That equals $4500.00. Does that mean that any amount of deductions I have exceeding the $4500 I get as a refund? I am looking at right around $7500.00 in deductions for the year. I am having my taxes done this year but I am just trying to get an idea of what kind of refund I will be getting. I have one dependent, age 3. I file Head of Household. I am 28. Live in TN. I am single. I should get EIC I believe. I work PT at Wal-Mart but I pay taxes from each check there. Any info would be great! Thanks!

[b]Hon, you pay taxes on NET PROFIT not Gross Revenues and $7500 in expenses is NUTS. You have a LOT more than that.

Please go to my website http://nelsonandriley.biz/links.asp, read my articles which explain key issues in plain English http://nelsonandriley.biz/news.asp?acti ... ategory=22 and download the HELP SHEETS http://nelsonandriley.biz/daycare_help.asp.

With EIC, your withholding from Wal-Mart and a competent tax prepaqrer, you should get a refund without paying any additional tax.

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

Providers,

Anyone who doesn't, personally, know Tom Copeland shouldn't touch your taxes. My Firm proofed his last book. Here's his section at Amazon.com http://www.amazon.com/s/ref=nb_ss_gw/00 ... &x=13&y=17 The man has, literally, written the books.

Deborah · **Posted:** Tue Dec 04, 2007 5:00 am

Thanks for your advice

I wrote a letter to my parents with my info on it and the the amount they paid me last year. Had them sign that the W - 10 seemed like an extra hand out I gave them with the same info on it.

Thanks for the info!

Little People Play Care · **Posted:** Tue Dec 04, 2007 8:22 am

I will be taking my books by Tom Copeland to my tax preparer when I go in. He does 20-25 home daycare returns per year so he knows what he's doing I figure.

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

Little People Play Care wrote:

I will be taking my books by Tom Copeland to my tax preparer when I go in. He does 20-25 home daycare returns per year so he knows what he's doing I figure.

How do you know? If he doesn't KNOW Tom Copeland, personally, he shouldn't touch your tax return. YOU'RE better off taking him printouts of my articles instead of Tom's books. All of my articles have been reviewed by Tom Copeland, THE tax lawyer for HCC. I've taken the law and translated it into plain English. http://nelsonandriley.biz/news.asp?acti ... ategory=22 Even a layman can understand my articles.

That doesn't mean he does your tax returns right, Sugar. I'm working on a tax return, right now, done by a CPA, who didn't use Form 8829, BUSSINES USE OF THE HOME. If the Provider ever gets caught, they'll HANG her.

I review tax returns for FREE. I am a REAL expert. 80% of my client base is Home Child Care. Just fax us a prior year return with a cover sheet. The cover sheet should have your phone # and email addy. The service is FREE.

We analyze the return and email you a report. If we don't hear back, we shred the project. Altho you are welcome to call the office, post to me here or email me questions, I WILL NOT STALK YOU. I don't have the time or the interest. I've been in practice for 26 years. I have clients from Florida to Alaska and Maine to California. I''ve NEVER needed to stalk clients.

USE THE HELP SHEETS. http://nelsonandriley.biz/daycare_help.asp They will assist anyone in doing a better job on your return.

Deborah · **Posted:** Thu Dec 06, 2007 8:26 pm

I can vouch for her.. I have done this .. I have talked to accountants ..........even been in the middle of the corporation stuff - being a director of a large center I seen first hand ..not all know this business ...
When Sharon Riley called me on the phone (do you remember this) she kept telling me who she was and I was dumb founded and then I said .. ohhhhhhhhh your a celebrity's !

Well Like I said I have talked to many tax advisers never did I talk to anyone that really made me feel I was talking to a professional. She looked over my taxes 2 years in a row ..and gave me guidance!

2007 Tax Season

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