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
Thinking about renting out a room in your home? Learn more about the potential tax implications with the experts at H&R Block.
What are the implications on your taxes if you received too much in unemployment benefits and had to repay? Learn more from the tax experts at H&R Blo
Do you need to get a copy of your wage and income transcript from the IRS? Learn more from the tax experts at H&R Block.
Learn more about reporting babysitting income on your federal taxes with help from the tax experts at H&R Block.