Ask:
Anyone out there do thier own daycare taxes? Im running in to a brick wall or else Ive stared at it toooo long..I NEED HELP.... someone please... IM Lost on the sched "c"
TIA
Dyna
Answer:
I do home childcare, but I'm giving it ALL to my accountant. We've used her for the past 2 years. We bought a new house 2 1/5 years ago and I didn't want the headache or stress of missing or messing something up. This is the first year of the childcare tax (self-employment) for me, so I'll need her help even MORE this year! She only charges us $90 and is so incredibly helpful and on our side, looking for the littlest ways to help save $$, the fee is more than worth it. I'll try to help (based on info from our accountant) if I can. Do you have specific questions? I also know there's an accountant on the boards...!
Answer:
Not sure where you're having the problem. The basic idea is you declare all your income, deduct your expenses (I recommend not declaring part of your house as a business expense and avoid depreciating anything), pay tax on the difference. I believe you have to pay your share of the social security tax based on your gross, but I can double check that. BTW, you pay the taxpayer share of ss AND the employer's share, which total is about 15% of gross. I know it seems like a lot and it is.
If you're doing the taxes manually, you might want to consider going to the irs.gov website and accessing one of the FREE tax software programs. Those will help you with the sched C.
Answer:
I have a system called Calendar Keepers which kept track on my income and time space etc..but I have no idea where to put this info in to my taxcut... under Schedule C? other deductions? I think Ive been trying TOOOOO DANG HARD