How much can I make as a daycare provider before I am responsible for reporting child care income?
If you provide daycare services with the intention of making a profit, you’re considered self-employed and responsible for reporting child care income. So, report self-employment income and expenses on Schedule C. If your net income minus expenses is $400 or more, you’ll also need to:
- File Schedule SE
- Pay self-employment taxes
Learn about the different sources of income and determine which ones are taxable and which are tax-free from the experts at H&R Block.
If you’ve contributed too much to your IRA for a given year, you’ll need to contact your bank or investment company to request the withdrawal of the excess IRA contributions. Depending on when you discover the excess, you may be able to remove the excess IRA contributions and avoid penalty taxes.
What is a holding period? Learn more about an investment holding period and get tax answers at H&R Block.
When you come into surprise money, you have to pay taxes on prize money. Learn more with the tax experts at H&R Block.