How Do You File Taxes For A Daycare Business Owner?
A daycare business owner must file taxes every year. He must report all of his income, but he may use his daycare-related expenses to reduce his taxable income and pay less to the Internal Revenue Service. He may even receive a refund. With well-kept records and expense receipts, filing taxes for the business should be a straightforward process. File IRS Form 1040 (see Resources below) if you are a sole proprietor. This means you own the business by yourself. You’ll also have to include IRS Schedule C or Schedule C-EZ, which cover profits and losses from a business; Schedule SE for self-employment income; and other forms and schedules, depending on the particulars of your daycare business. File Form 1065 for a partnership, Form 1040 for individual income taxes and Schedule SE for self-employment, depending on the unique details of your daycare partnership. File IRS Form 1120 for a corporation, along with any applicable forms and schedules. You’ll need to complete Form 1120S for an S co
