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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 07-10-2011, 07:44 PM
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Question Start Up Cost and Taxes

So I just enrolled my first day care child so I have not had a day care income until know. However, I have start up cost that started in April. So do I file 2nd quarter taxes or put all those start up cost on my 3rd quarter taxes or what?
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Old 07-11-2011, 01:00 PM
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Default Start up costs

Congratulations!
It's too late to file second quarter estimated taxes (June 15th deadline). Instead, you will report your income and expenses on the third quarter deadline of September 15. You can include expenses incurred earlier in 2011 when determining how much taxable income you have for the third quarter.
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Old 07-11-2011, 05:43 PM
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Originally Posted by TomCopeland View Post
Congratulations!
It's too late to file second quarter estimated taxes (June 15th deadline). Instead, you will report your income and expenses on the third quarter deadline of September 15. You can include expenses incurred earlier in 2011 when determining how much taxable income you have for the third quarter.
oh I am still confused what month do I claim 1st, 2nd, 3rd, 4th quarter and what are the dead lines?

And do I file quarter taxes on both state and federal level.
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Old 07-12-2011, 09:42 AM
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Default Est tax

Here are the deadlines for filing federal estimated taxes for 2011: April 15, June 15, September 15 and January 15, 2012. I don't know what your state estimated taxes filing deadlines are - check with your state. If you are married you can have your husband withhold more taxes from his paycheck so you won't have to file estimated taxes.

For additional info: http://www.tomcopelandblog.com/2011/...june-15th.html
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Old 07-14-2011, 07:00 PM
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Originally Posted by TomCopeland View Post
Here are the deadlines for filing federal estimated taxes for 2011: April 15, June 15, September 15 and January 15, 2012. I don't know what your state estimated taxes filing deadlines are - check with your state. If you are married you can have your husband withhold more taxes from his paycheck so you won't have to file estimated taxes.

For additional info: http://www.tomcopelandblog.com/2011/...june-15th.html
If I have my husband withhold more taxes, how do I come up with a good estimate if my enrollment changes? I will be opening daycare this fall and plan to start with 2 children and work on enrolling to get full.
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Old 07-15-2011, 03:08 PM
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Default Estimated taxes

A rough rule of thumb is that you will owe 20% of your gross income (parent fees, subsidy money and Food Program reimbursements) in federal taxes. Use this as your guideline.
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