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Old 02-02-2016, 11:49 AM
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TomCopeland TomCopeland is online now
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Join Date: Jun 2010
Location: St. Paul, Minnesota
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Default first year taxes

Quote:
Originally Posted by Miss A View Post
I am wondering what forms I need to provide to my tax preparer for my home daycare business. I use Quickbooks self employed to track my expenses and do all my bookkeeping, so I printed off a year end tax summary, as well as a mileage summary to give to my tax preparer. I was wondering though if I am responsible for filling out Form 1040: Individual Income Tax Return, Schedule SE:Social Securuty Self Employment Tax, and other forms, or if that is part of what the tax preparer will do. I am so used to just handing them my W-2's, as well as my other paperwork and having all the work done for me. Is this what I will do this year as well?

Also, I only did daycare for part of the year this year, so I did not make enough of a profit to have to pay in quarterly. This year (2016) I will have to. What forms do I need to fill out for that? Through Quickbooks I can pay right through the program, does anyone know if they help you fill out the forms you need?
You are not responsible for filling out any tax forms, that's what your tax preparer will do. If you fill quarterly, use IRS Form 1040ES. You can estimate that you will owe about 20% of your gross income in federal taxes. You may also have to pay estimated state income taxes.
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