When your a day care provider?

Question

Im a day care povider and this is my first year, do you get anything in the mail for taxes, any form to give a tax preparer? Please help me this is my first time doing taxes witha business in my home.

Answer 1

This is not a simple question to answer. It is best that you consult a local CPA to help you, particularly in the first year. A professional to help you setup books to keep track of your operation expenses etc, but also make sure you are reporting correctly.

For examples: you might be required to file state sales tax monthly or quarterly. You might need to file estimated tax for yourself. If you have employee, you have file their FICA.

It is not easy to get a full picture in a forum like this. Talk to someone locally soon.

Best wishes.

Answer 2

If you are having a tax preparer do your taxes, bring the preparer:

1. A figure for your gross receipts
2. Expenses you paid for operating your business such as food, supplies, liability insurance, license.
3. The hours you were in operation for the year.
4. Your expenses for mortgage or rent, utilities, maintenance and repairs to the house, homeowners insurance
5. If you own the home, the purchase price and date of purchase.

Read the listing of expenses on Schedule C and Form 8829. This may help you identify deductions.

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

http://www.irs.gov/pub/irs-pdf/f8829.pdf

Answer 3

As a sole proprietor, you need to keep track of your revenue and expenses on your own. No one knows what you made and spent besides you.