I am trying to think of ways to bring in some income and I was thinking about proposing to my friend that I watch her two kids instead of them going to daycare. She's also hurting for money so I was going to offer her a discount. Would I be able to watch these kids in my home without a license? It would be approx 20 hours a week and would only be those 2 kids, plus my 2. As far as taxes go, would I be able to say I had a home business, or would I just say it was "babysitting" income? Also, do people write-off childcare expenses even if they are making a lot of money? If so, would it need to be a licensed childcare provider in order for the write-off to be legit for my friend, or does the IRS care about that? TIA for any info.
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1/25/09 at 12:39pm