Taxes: Pay in or Break Even?

[Unregistered]

I have not filed taxes on my daycare yet and am curious what to expect.
Do you all generally end up paying in, break even, or even get anything back?
If some of you all could give me a general idea of your end of the year taxes outcome I would appreciate it. Especially in Texas. those who are married and/or have kids, do you file together with your spouse. I have not yet filed taxes with mine, we've been married 2 years but only official official as in gotten marriage license less than a year ago.

[blandino]

When my mom first started the daycare she had two dependents and wasn't making that much money all together, maybe under 20k annually. She got a refund those years

Now, she has no dependents. And the daycare is much larger, and making a good deal more money. And we always wind up paying in.

[Lyss]

I have not filed taxes on my daycare yet and am curious what to expect.
Do you all generally end up paying in, break even, or even get anything back?
If some of you all could give me a general idea of your end of the year taxes outcome I would appreciate it. Especially in Texas. those who are married and/or have kids, do you file together with your spouse. I have not yet filed taxes with mine, we've been married 2 years but only official official as in gotten marriage license less than a year ago.

I'm not in TX but I'm married, we file jointly, and have 1 dependent. Last year got a substantial amount back. DH claims 0 (or 1 I can't remember) on his W4 so that they withhold extra taxes from his paycheck in order to cover what will be due on my business income, with all my deductions his withholdings more than cover my taxes owed and we end up with $ back. I also only have a small daycare, I keep my numbers low.

[Unregistered]

thanks. I am just very nervous about filing taxes this year. I have not had the extra money to save anything up yet and am concerned that I will have to pay in...

[Blackcat31]

thanks. I am just very nervous about filing taxes this year. I have not had the extra money to save anything up yet and am concerned that I will have to pay in...

.....even if you have to pay in, the IRS allows you to make payment arrangements and they are pretty good about letting you set up a payment plan that you are comfortable with.

They are very reasonable. Or atleast have been in my experience.

I wouldn't stress about it.

[littlemissmuffet]

Three years ago I got a return of $14. Last year I owed over $3,000. This year I broke even. ::

As BC said, you can arrange to make payments... don't stress!

[wdmmom]

My husband has more money taken out of his checks every payday to cover my tax liability. This past year we made more than ever before and still got $1500 back.

[daycarediva]

I'm in NY, my husband and I are both self employed, have 4 dependents, and we always pay in. We mail a check for our estimated payments quarterly (got a form from the accountant with our estimated payments) to the IRS, unfortunately I can't do that to the state, so I set that aside.

[TomCopeland]

what to expect

I have not filed taxes on my daycare yet and am curious what to expect.
Do you all generally end up paying in, break even, or even get anything back?
If some of you all could give me a general idea of your end of the year taxes outcome I would appreciate it. Especially in Texas. those who are married and/or have kids, do you file together with your spouse. I have not yet filed taxes with mine, we've been married 2 years but only official official as in gotten marriage license less than a year ago.

It's generally not helpful to compare your tax situation with someone else. There are too many variables: children, income, health expenses, house expenses, itemizing, spouse withholding, and so on.

You will almost always be better off filing jointly with your spouse. You will generally owe about 20% of your gross income in federal taxes (income and Social Security/Medicare). If your spouse has enough withheld to cover your taxes you won't owe any taxes at the end of the year. If not, you will owe taxes and possibly penalties for not paying in enough throughout the year. If this is the case you can up your spouse's withholding or start paying in quarterly using IRS Form 1040ES.

Don't wait until the end of the year to figure out if you are paying in enough taxes throughout the year.

[coolconfidentme]

What the what? Help? Anyone?

I just got a call from the assessor's office. They told me I have to pay yearly county "property" taxes on EVERYTHING I use inside my daycare. Since when does a home's value include a pack-n-play?

I already paid taxes on the items when I purchased them, not to mention I use the stuff in my everyday life. I live here during the week & go home on the weekends. It makes no sense to pay yearly taxes on them. The taxes will eventual exceed it's value.

Is this the norm?

[craftymissbeth]

I just got a call from the assessor's office. They told me I have to pay yearly county "property" taxes on EVERYTHING I use inside my daycare. Since when does a home's value include a pack-n-play?

I already paid taxes on the items when I purchased them, not to mention I use the stuff in my everyday life. I live here during the week & go home on the weekends. It makes no sense to pay yearly taxes on them. The taxes will eventual exceed it's value.

Is this the norm?

wtheck? Are they literally going to assess every item in your daycare? And WHY? Wowzers, I'm sorry to hear this!

[coolconfidentme]

wtheck? Are they literally going to assess every item in your daycare? And WHY? Wowzers, I'm sorry to hear this!

I have no fluffing idea! When I got the call today, I thought it was a prank & almost hung up on the lady. I told her to send me the official forms & office that governs it. CRAZINESS!!

[sly red cid]

taxes

this happened to me too....they even tax stuff I had from before doing daycare. So I counted every fork spoon etc. and listed them......they even want taxes on items given to me not just what I have bought or already had.So now I pay that bill two times a year(property tax). ****s big time.

[Unregistered]

coolconfidentme what state are you in?
That sounds scarey!! This is the type of stuff that is absolutely absurd. Like you said when you purchase an item any item you've already paid taxes on it.

[coolconfidentme]

coolconfidentme what state are you in?
That sounds scarey!! This is the type of stuff that is absolutely absurd. Like you said when you purchase an item any item you've already paid taxes on it.

I live in Indiana. I seriously thought she was joking & a friend was trying to punk me. She was very annoyed with me questioning it all. I told her the games belong to my g'son as do a lot of the toys. A lot of this stuff I got from home or as donations. She wouldn't elaborate on how that was assessed.