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.