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I am soooo lost. I am getting everything in line with my daycare and taxes for the end of the year. I want to know is it best to use your SSN for your DCP to claim on there taxes, or to get a taxpayer identification number? Also, I thought I filed taxes at the end of the year like I have always done(when I worked out side of the home) and everything Im finding is talking about filing every quarter? So now Im wondering who could I call to get all of this info and guidance. I have always done our own taxes. Would I call an Accountant? Any help would be grateful
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I would get an EIN, it's free! I would not give out my ssn to anyone! Here is the link. http://www.irs.gov/Businesses/Small-...8EIN%29-Online
Other than that, I'm sorry I don't have any advice. I too just opened in Jan of this year and it's my first year for doing taxes. I don't do them quarterly because it's my understanding that my dh should have enough taken out to cover my taxes and that's what my tax person said, but I would ask someone to be sure! -
Definitely get an EIN! I wouldn't give my social security number to anyone. I have had my business for 5 years and have never had to file quarterly, but my husband has enough taxes taken out to cover us. If this is going to be your only source of income, I think you would have to pay quarterly, but if you have taxes taken out from another job I think you would be ok to just file at the end of the year.Comment
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Yep, to EIN.
I do my taxes annually, but please do some research to the ins and outs to daycare taxes. There is so much that you can deduct that you probably don't even think about when you have a daycare business. Read Tom Copeland's books!! - so much great information!Comment
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Ein
Don't give out your Social Security number for identity theft reasons. Get an EIN. See my article on this: http://www.tomcopelandblog.com/2011/...o-parents.html
Here's my article on paying estimated taxes quarterly: http://www.tomcopelandblog.com/2013/...mber-16th.htmlComment
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