I am interested in knowing the tax implications that aren't generally known when filing taxes
2006-08-08 14:00:21 · 3 answers · asked by Normgee 1 in Business & Finance ➔ Taxes ➔ United States
Are you asking from the child care providers point of view or from the person hiring the provider?
2006-08-08 14:04:26 · answer #1 · answered by Jim R 5 · 0⤊ 0⤋
If you are a certified child care provider, you can deduct a portion of the expenses of your home whether you rent or own. Any income is reported on Schedule C and subject to self-employment tax at 15.3% in addition to the regular income tax.
2006-08-08 22:15:37 · answer #2 · answered by taxmannyc 3 · 0⤊ 0⤋
The following website give tax tips for people in the business of child care. You might want to browse through it and get an idea of what tips may apply to your situation.
http://www.redleafinstitute.org/pdfs/10rktaxtips.pdf
2006-08-08 23:11:40 · answer #3 · answered by nothing 6 · 0⤊ 0⤋