Daycare.com Forum
Daycare and Taxes>Tom Copeland Help with Quarterly Taxes?
Unregistered 09:40 AM 03-15-2013
Hello, this is my first year being a licensed provider and will be paying quarterly taxes. I have never done this and I am so confused on how to do it. I know you pay on the IRS website but where? Also I have no idea how to get the estimated tax.. I have been reading but it is confusing me
TomCopeland 10:06 AM 03-15-2013
Originally Posted by Unregistered:
Hello, this is my first year being a licensed provider and will be paying quarterly taxes. I have never done this and I am so confused on how to do it. I know you pay on the IRS website but where? Also I have no idea how to get the estimated tax.. I have been reading but it is confusing me
Here's an article I've written about this: http://www.tomcopelandblog.com/2013/...ted-taxes.htmlHello, this is my first year being a licensed provider and will be paying quarterly taxes. I have never done this and I am so confused on how to do it. I know you pay on the IRS website but where? Also I have no idea how to get the estimated tax.. I have been reading but it is confusing me
Here's a link to the IRS website about estimated taxes:http://www.irs.gov/Businesses/Small-...stimated-Taxes
The IRS website can be confusing. Basically, you will owe about 20% of your gross income in federal taxes. These can be paid by having your spouse withhold enough through his employer to cover your taxes. Or, you can file quarterly estimated taxes using IRS Form 1040ES. My 2012 Family Child Care Tax Workbook and Organizer describes how to fill out this form.