WebInstead of determining actual expenses, you can use the prescribed rate of $5 per square foot of the portion of your home used for business purposes to figure your business use of home deduction. This method is much easier for individuals to use, but it does cap the allowable home office square footage at 300 square feet, or a $1,500 total ... WebNov 30, 2024 · The current self-employment tax rate is 15.3% (this includes 12.4% for Social Security + 2.9% for Medicare). If you were employed by a daycare facility, you would have …
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WebDec 4, 2024 · Filing Your Tax Return. Report the income from your daycare business on line 162 of your general income tax return. Then, deduct your business expenses to arrive at … WebThe IRS usually considers childcare providers as independent contractors. Since independent contractors are self-employed, you should report your income on Schedule C. … WebJun 10, 2024 · Many young mothers start in-home daycare centers so they can spend more time with their own kids while still earning money for the family. If you’re interested in … oreillys tea sd