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Hello everyone! I am new to all of this child care stuff so I need LOTS of help, especially when it comes to taxes, since numbers are not my strong point 
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I am license exempt for up to 5 children. I currently watch 2 children, with the ability to bring in one more full time child.
How do I figure out if I need to pay in taxes? I'm looking at between $3000-$5000 in income per year. I have been looking at the IRS website, but everything is just confusing me even more.
I read this on the IRS website:
Who Must Pay Estimated Tax
If you are filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.
How do I know if I am expected to pay $1,000 or more in taxes?
I have read the PDF file that is supposed to help you figure that out, but again, it only confuses me more.
My husband and I filed jointly last year, he claims 7 on his federal taxes since I am a stay at home mom with no income, so we needed the extra money on his paychecks. Not sure if that matters here or not.
I have read through most of the threads on taxes for the forum, but I **** with numbers. I need some massive help.
I just recently( a month ago ) started watching the 2 children in my home, with hopes of adding more children in the future. The parents do not plan on using the child care expenses on their taxes.
I am using this link from the IRS to try and figure it out: http://www.irs.gov/pub/irs-pdf/f1040es.pdf
I am using Schedule Y-1 for married filing jointly
It says that if I am not making $17,850, then I do not owe any taxes in? Is this correct?
On schedule Y-2 married filing separately the amount you cannot go over is $ 8,925, if I am not making more than that, do I not have to pay taxes in?
With all of this confusing stuff said....do I still file quarterlies? Do I still claim the income for 2013?
.I am license exempt for up to 5 children. I currently watch 2 children, with the ability to bring in one more full time child.
How do I figure out if I need to pay in taxes? I'm looking at between $3000-$5000 in income per year. I have been looking at the IRS website, but everything is just confusing me even more.
I read this on the IRS website:
Who Must Pay Estimated Tax
If you are filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.
How do I know if I am expected to pay $1,000 or more in taxes?
I have read the PDF file that is supposed to help you figure that out, but again, it only confuses me more.
My husband and I filed jointly last year, he claims 7 on his federal taxes since I am a stay at home mom with no income, so we needed the extra money on his paychecks. Not sure if that matters here or not
. I have read through most of the threads on taxes for the forum, but I **** with numbers. I need some massive help.
I just recently( a month ago ) started watching the 2 children in my home, with hopes of adding more children in the future. The parents do not plan on using the child care expenses on their taxes.
I am using this link from the IRS to try and figure it out: http://www.irs.gov/pub/irs-pdf/f1040es.pdf
I am using Schedule Y-1 for married filing jointly
It says that if I am not making $17,850, then I do not owe any taxes in? Is this correct?
On schedule Y-2 married filing separately the amount you cannot go over is $ 8,925, if I am not making more than that, do I not have to pay taxes in?
With all of this confusing stuff said....do I still file quarterlies? Do I still claim the income for 2013?
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