Taxes

Taxes are an important part of every child care center's budget. For profit centers will need to pay taxes on profits, and all centers must file payroll taxes with the U.S. Treasury/lRS on a regular basis. Most states require payroll tax filing and payments on a regular basis, as well. Employer tax programs include Federal Income Tax, Federal Unemployment Tax (FUTA), Social Security (FICA), State Income Tax, State Disability Insurance, and Worker's Compensation Insurance.

You may wish to hire a qualified bookkeeper or accountant to ensure that you are in compliance with tax laws. Failure to file in a timely or accurate manner can subject your center to costly fines and interest payments.