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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 03-04-2017, 03:22 PM
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jonicurry jonicurry is offline
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Default Income/Expenses Of Local Daycare Associations

My friend started a local daycare association this year, and it got me to thinking - who claims the income & expenses of a daycare association? We have several local associations around here, and none of them are non-profits. But I think they all have their own bank accounts.
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Old 03-04-2017, 05:09 PM
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Default association taxes

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Originally Posted by jonicurry View Post
My friend started a local daycare association this year, and it got me to thinking - who claims the income & expenses of a daycare association? We have several local associations around here, and none of them are non-profits. But I think they all have their own bank accounts.
A fcc associations should be filing an annual IRS Form 990. If the bank account is in the name of an individual, that individual may owe taxes on the income. If the bank account is in the name of the association, it's unlikely the association will owe any taxes. See my article: http://tomcopelandblog.com/family-ch...90-is-may-15th
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Old 03-05-2017, 12:36 PM
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Thank you Tom!
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