How do you figure your taxes for your home daycare business?
I am starting my home daycare business and dont want to get into any legal trouble.
i know there is a self employment tax due 4 times a year (social security and medicare)
income tax due at end of the year
what other taxes are there
how do you know what to set aside for taxes? do you get somewhere like h&R Block to do your taxes for you?
someone told me to just set aside 25% of my total income and that would be plenty to set aside. do you find that to be true
I am in texas if that helps
also what items do you get tax exempt on and if you filled out a tax exempt form and didnt pay taxes for a certain item doyou still need to claim that receipt at the end of the year?
I could use some advice.
This conversation was published at Accounting Services of Charlotte, NC
I have taught piano lessons for many years, but always for a school. I am now wanting to do it out of my home. I need information for starting my business and handling taxes and bookkeeping. Any information would be helpful. Also, if you have any advice on registration and guidelines that I need to set that would be helpful as well. THANK YOU!! 
This conversation was published at Accounting Services of Charlotte, NC
This article was published at Bookkeeping Services of Charlotte, NC
