This homeschooling mother in NC ran into a problem when she tried to open a bank account for her family homeschool.
I live in North Carolina, homeschool my children and want to do some fund raising for some projects and field trips and also school supplies.
I went to the bank, wanting to open an account in the homeschool’s name and they said that I would have to open up an account in my name doing business as my homeschool’s name.
My question to you is, how do I go about paying taxes on the money? I do not want to get into trouble with the IRS. Was that the right thing for me to have done? Waiting to hear from you soon!
I’ve been asked questions like yours before. I answered them in two posts on my blog.
Can we (an individual homeschool) be allowed to do fund raising similar to youth sports groups, scouts,etc?
Yes, you can participate in a fund raiser if the fund raising organization allows it. BUT, the profit you make is taxable income and you’ll need to report it on your tax return.
I hope that answers your question; let me know if it doesn’t.
Carol Topp, CPA