Daycare.com Forum
Daycare and Taxes>Question for Tom :)
cillybean83 03:32 PM 01-29-2011
I took a loss last year because I was new, only open a part of the year, and never filled up my daycare. This year, I'll be open the entire calendar year, I will be close to or at capacity most of the year (as of now that's how it looks), I'm putting back 20% for taxes, how often should I mail that money into the IRS/treasury, what forms should I fill out, or should I just bank the money and pay a lump sum when I file my taxes next year? I would kind of prefer to pay it throughout the year so it FEELS like less money is being paid in, and then possibly get a refund! lol
Michael 03:52 PM 01-29-2011
I am considering having a Webinar with Tom Copeland for our members. Would you be interested in something like that?
cillybean83 04:31 PM 01-29-2011
whats a webinar??
Michael 04:35 PM 01-29-2011
It's a seminar that has the speaker on the web and we can ask him/her questions and they can answer in real time. We can also see presentations or images that are controlled by the speaker or moderator. Here is the definition:
Short for Web-based seminar, a presentation, lecture, workshop or seminar that is transmitted over the Web.
Short for Web-based seminar, a presentation, lecture, workshop or seminar that is transmitted over the Web.
cillybean83 05:13 PM 01-29-2011
very cool!
MyAngels 05:38 PM 01-29-2011
See this publication: http://www.irs.gov/pub/irs-pdf/f1040es.pdf
A webinar would be great, or even just a scheduled chat.
A webinar would be great, or even just a scheduled chat.
Michael 05:47 PM 01-29-2011
Well, I figure someone of Tom's stature would greatly benefit those of you doing your taxes. Having a CPA or accountant usually costs me $1000 and even if the webinar is a small fee like $25 the savings from directly asking Tom your questions in real time would save you a lot more money. I am going to look into it and PM Tom. Maybe I should place a poll to see if there are enough members that would be interested.
TomCopeland 09:16 AM 01-30-2011
Originally Posted by cillybean83:
I took a loss last year because I was new, only open a part of the year, and never filled up my daycare. This year, I'll be open the entire calendar year, I will be close to or at capacity most of the year (as of now that's how it looks), I'm putting back 20% for taxes, how often should I mail that money into the IRS/treasury, what forms should I fill out, or should I just bank the money and pay a lump sum when I file my taxes next year? I would kind of prefer to pay it throughout the year so it FEELS like less money is being paid in, and then possibly get a refund! lol
You should either send in money quarterly (April 15, June 15, Sept 15 and Jan 15) or have your spouse withhold enough through his paycheck. You or your spouse must pay in at least quarterly. If you wait til the end of the year there is a penalty.I took a loss last year because I was new, only open a part of the year, and never filled up my daycare. This year, I'll be open the entire calendar year, I will be close to or at capacity most of the year (as of now that's how it looks), I'm putting back 20% for taxes, how often should I mail that money into the IRS/treasury, what forms should I fill out, or should I just bank the money and pay a lump sum when I file my taxes next year? I would kind of prefer to pay it throughout the year so it FEELS like less money is being paid in, and then possibly get a refund! lol
Stacy214 11:02 AM 01-30-2011
Right, see I used to just hold out till the end and my (ex husband)'s "bonus" and that covered my taxes....however, now we have divorced and that first year I was completely out of touch with what to do, so , I thought I could just pay the lump sum (which I did) but it was around $3000 ugh and yes penalty.
I would LOVE to see the webinar on here, it would most likely answer my questions....I hope
I would LOVE to see the webinar on here, it would most likely answer my questions....I hope
My Daycare 07:04 AM 01-31-2011
So, I already did my taxes for this year and will receive a refund. I my owe next year, so do I begin paying quarterly in April even though I already did my taxes, or July?
TomCopeland 09:21 PM 01-31-2011
The first estimated tax payment for 2011 is April 18th. The second payment is due June 15.
Abigail 10:12 PM 01-31-2011
Originally Posted by cillybean83:
whats a webinar??
I got a good laugh. Thanks! I actually just learned what a webinar was two weeks ago because my job had one. We were required to have a web cam so we could be seen by the speaker (he asked for use to raise our hands if we agree and also say "Big guy in the yellow shirt...." and have him answer a silly question. Very cool) and it was an hour long webinar and this person showed us new things we were expected to do and we watched him on his webcam and had one of our computer screens (we had two total) to view his live-action powerpoint as he circled things and discussed them.whats a webinar??
TomCopeland 10:42 AM 02-01-2011
I've just announced on my blog that daycare.com and I are sponsoring a tax webinar for daycare.com members on February 28th. An announcement on this website will be forthcoming shortly.