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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 03-10-2013, 10:15 PM
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Nguild Nguild is offline
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Default 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
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Old 03-10-2013, 11:03 PM
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Welcome to the forum!

Suggest you view our Taxes section: http://daycare.com/forum/forumdisplay.php?f=8
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Old 03-11-2013, 09:38 AM
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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.
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Old 03-11-2013, 10:53 AM
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Default Taxes

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Originally Posted by Nguild View Post
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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