I babysat one child in my home and would be claiming the income as self employment income. I have no business deductions only earnings. I did not take out any federal or state, social security or medicare taxes out. Will Turbo tax deluxe online be enough to file?
If this is a business (self employment income), you certainly have A LOT of deductions, which will require a higher version of TurboTax, or preferably a tax professional.
Just a FEW of the MANY deductions: Food for the child, toys, paper towels, your home's utilities, mortgage interest/rent, furniture in your home, etc. Again, that is just a few items out of MANY. I highly recommend a tax professional that is EXPERIENCED with daycare taxes.
If you have no business expenses (such as food, toys, utilities, supplies, business use of your home,...) to deduct from your income, you can use TurboTax Deluxe Online to report your babysitting income as self-employment income. Note that you'll have to pay self-employment tax (if your income is more than $400).
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