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midaycare
05-22-2014, 06:22 PM
So I'm new to the home daycare scene ... and wondering what taxes we need to pay?

I'd like to pay monthly/quarterly taxes. I received monthly sales, use & withholding forms from the state, but I think this is only for business that sell something besides services, right?

TIA
NightOwl
05-22-2014, 06:34 PM
I just posted a similar question under Boring Tax Question, if you want to look it up. Michael also posted a list of related threads.
midaycare
05-23-2014, 04:47 AM
I looked before I posted, thank you though. It was more related to turbo tax. I'm curious as to the list of taxes we have to pay in monthly and/or quarterly. I'm good with taxes, just can't find anywhere what we need to pay and when.
TomCopeland
05-23-2014, 07:25 AM
So I'm new to the home daycare scene ... and wondering what taxes we need to pay?

I'd like to pay monthly/quarterly taxes. I received monthly sales, use & withholding forms from the state, but I think this is only for business that sell something besides services, right?

TIA

Child care providers don't pay use taxes. You pay sales tax when you buy stuff. You will owe Social Security taxes and federal and state income taxes. You pay pay these taxes by filing quarterly (using IRS Form 1040ES and your state form) or have your spouse withhold enough to cover you.
midaycare
05-23-2014, 07:44 AM
Thanks Tom! That is exactly what I was looking for.
craftymissbeth
05-23-2014, 03:54 PM
Child care providers don't pay use taxes. You pay sales tax when you buy stuff. You will owe Social Security taxes and federal and state income taxes. You pay pay these taxes by filing quarterly (using IRS Form 1040ES and your state form) or have your spouse withhold enough to cover you.

Can we also pay these by filing normally every year at tax season? Especially if there is no spouse to withhold extra.
TomCopeland
05-25-2014, 08:46 AM
Can we also pay these by filing normally every year at tax season? Especially if there is no spouse to withhold extra.

If you are not married, you must file quarterly Form 1040ES to pay your social security and federal income taxes. You probably will also need to file quarterly state income taxes.