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Daycare and Taxes>Income/Expenses Of Local Daycare Associations
jonicurry 03:22 PM 03-04-2017
My friend started a local daycare association this year, and it got me to thinking - who claims the income & expenses of a daycare association? We have several local associations around here, and none of them are non-profits. But I think they all have their own bank accounts.
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TomCopeland 05:09 PM 03-04-2017
Originally Posted by jonicurry:
My friend started a local daycare association this year, and it got me to thinking - who claims the income & expenses of a daycare association? We have several local associations around here, and none of them are non-profits. But I think they all have their own bank accounts.
A fcc associations should be filing an annual IRS Form 990. If the bank account is in the name of an individual, that individual may owe taxes on the income. If the bank account is in the name of the association, it's unlikely the association will owe any taxes. See my article: http://tomcopelandblog.com/family-ch...90-is-may-15th
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jonicurry 12:36 PM 03-05-2017
Thank you Tom!
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