How Much to Set Aside

[Unregistered]

I recently became a stay-at-home mom and will be watching another infant for $175/week. How much money should I set aside each week so that I have enough money to cover taxes next year?
Also, I know lots of things can be deducted (purchases, time/space, classes, etc.). Is there a minimum amount I would need to spend in order for the money to be deductible?
Thank you!

[odskids]

Welcome! If you are new to family child care, you should purchase Family Child Care Record Keeping by Tom Copeland. It will have everything you need to get started and should answer most of your questions. It is essential for family child care providers!!

Check it out at redleafpress.org

Good luck!

[TomCopeland]

New Provider

A conservative guess on how much you will owe in federal taxes is about 20% of your gross income (income before expenses). There is no minimum amount you need to spend to be able to deduct your business expenses.