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-   -   Taxes (https://www.daycare.com/forum/showthread.php?t=60564)

Nguild 03-10-2013 09:15 PM

Taxes
 
I'm new to this I want to open up a childcare center and I'm wondering what all the taxes I have to file. I want to make sure everything is covered so I don't get into trouble with the IRS. Please let me know what all the taxes I have to file.

-I know I will have quarterly taxes
-Taxes taken out of pay checks
-But what other taxes s there?

Thanks

Michael 03-10-2013 10:03 PM

Welcome to the forum! likethis

Suggest you view our Taxes section: https://www.daycare.com/forum/forumdisplay.php?f=8

KnoxMom 03-11-2013 08:38 AM

On top of federal taxes, my state has a minimal small business tax. You must register for a minimum business license with the county clerk if you are exempt from state requirements to get licensed. (I am exempt with only 4 children at a time and do not have to register with the state). My tax rate is very affordable at about 0.000375% of revenue as a home daycare. Check your Secretary of State Business Website or with your County Clerk's Office to find out your local requirements.

TomCopeland 03-11-2013 09:53 AM

Taxes
 

Originally Posted by Nguild:
I'm new to this I want to open up a childcare center and I'm wondering what all the taxes I have to file. I want to make sure everything is covered so I don't get into trouble with the IRS. Please let me know what all the taxes I have to file.

-I know I will have quarterly taxes
-Taxes taken out of pay checks
-But what other taxes s there?

Thanks

If you operate a child care center (not a family child care home) then you have to pay payroll taxes for your employees. You may or may not have to file quarterly taxes for your own taxes, depending on whether you are married and your spouse withholds enough taxes through his employer to cover your taxes. You will owe Federal Social Security/Medicare taxes, federal income taxes, and perhaps state income taxes.


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