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My wife has a California daycare license. We have three minor age kids of our own. Can she consider caring for our own kids as part of the Daycare business to accumulate the social security points? Does she need to pay any tax (out of our own pocket) as income tax for caring for our own kids? Thanks.
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Caring for your own children is not taxable and will not qualify for social security. If she forms a corporation, then she could be its employee. But, believe me, she'll be better off if she just has lower income these years while your children are small.
Answered on Jan 09th, 2014 at 4:47 PM