I am considering starting to do in home daycare. I am clueless on the business end of things though. I know that I need to keep all of my receipts for expenses, and of course keep track of how much I am paid. I also read to keep electric bills and such because they can be partially deducted. I keep these anyway.
I assume I will make enough to have to file income taxes. I have an idea that when you are self employed, you need to pay taxes quarterly, but I'm not sure why/how I got that idea, or if it's correct. I also wouldn't know how much to pay or how/where to pay it. My previous employer withheld about 17% of my income for taxes, is that about what I should expect to keep out to pay? And where do I send it? And if I send it somewhere, is there some sort of paperwork that goes with it (I can't just send a check to the IRS and expect them to know what it's for)
I assume I will make enough to have to file income taxes. I have an idea that when you are self employed, you need to pay taxes quarterly, but I'm not sure why/how I got that idea, or if it's correct. I also wouldn't know how much to pay or how/where to pay it. My previous employer withheld about 17% of my income for taxes, is that about what I should expect to keep out to pay? And where do I send it? And if I send it somewhere, is there some sort of paperwork that goes with it (I can't just send a check to the IRS and expect them to know what it's for)
Federal Taxes: How Do I Pay Self Employment Taxes
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