Business & farm

You have self-employment income.  And....you are required to pay self-employment tax for Social Security and Medicare, and perhaps some ordinary income tax.   You also need to prepare a Schedule C for your business expenses.   Are you spending money on food and snacks for the children?  Toys, games, craft materials, etc. etc.?  

 

Get a Tax ID  (EIN)  so that you will not need to give out your SSN to the clients whose children you cared for.  They are going want to enter the amount they paid you on their own tax returns if they were working so that they can get the childcare credit.  The amount of income you claim to have received is going to have to match the total those people report to the IRS.

 

https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein

 

If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare,  you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.

 

 

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://turbotax.intuit.com/tax-tips/small-business-taxes/the-home-office-deduction/L1RZyYxzv

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employment-taxes/self-employed-expe...

 

 

If you live in a state with a state income tax, you might need to make estimated payments to your state.

 

 

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

 

https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves...

 

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-schedule-...

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/payroll-additions-deductions/qualify-qua...

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**