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If I wanted to start a in-home daycare what kind of business would it be?
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Would it be non-profit or for profit. I would be making money but it would be used for the daycare nothing else. I am not doing it to make a profit for myself but, for my daycare. Is that considered to be a non-profit or would it be a for profit business?
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A licensed child care business in your own home would not be-classed as non-profit unless you were volunteering your services. If you charge fees for your services, it doesn't matter what you spend it on - it is your income! Once your home is inspected, and you receive your license, any monies you receive from clients is taxable income and must be claimed as such when you file your income tax. There are a number of deductions you can claim also because your business is located in your home!...
Answer Date: 07:10am 08/19/08
