Carol,
I will be a director with Classical Conversations (TM) for the upcoming year and I wanted to keep track with all finances and stay on top of all the things for taxes but I am unsure of how to do that or find someone knowledgeable with something like Classical Conversations.
Would you be able to direct me in a better direction with things?-Jillian M
Jillian,
Good for you to realize that directing a Classical Conversation program is a business and you need to be concerned about taxes and record keeping. Sadly, I have heard from many CC Directors that they had no idea they were running a business. Some have made terrible mistakes in their tax filings.
I have several resources for you:
Taxes for Homeschool Business Owners
The ebook is 60 pages long and contains information on
- Business Start Up
- LLC status
- Tax Deductions
- Tax Forms
- Sample Tax Returns
- Self Employment Tax
- Paying Yourself
- Paying Others
- Businesses Using Churches
- Should My Homeschool Program Be a Nonprofit?
Business Q&A for CC Directors: Answers You Need to Run Your CC Business
This 50 page ebook is a collections of questions CC Directors have asked the HomeschoolCPA, Carol Topp, CPA over the past few years. Carol answers each question and cover topics such as:
- Business Set up: LLC status, nonprofit, ministry or business, checking accounts, record keeping
- Relationship with your church-host: taxes for the church
- Taxes: What forms to file, 1099-MISC, tax deductions
- Employees: Independent Contractor or employee
I hosted a webinar on Tax Preparation for Homeschool Business Owners. It should be a lot of help to you as a CC Director. You can watch the recording at HomeschoolCPA.com/HSBIZTAXES for a small fee of $10.
Bookkeeping spreadsheet for CC Directors is a free download.
I hope that helps!
Carol Topp, CPA
HomeschoolCPA.com
Helping homeschool leaders