I am currently an elementary school teacher who has been approached by parents that want their children home schooled, but would rather have a private teacher do the instructing. How would I file taxes if I chose to go that route?
Marcia
Marcia,
If you are hired to teach homeschooled children, then you are running a sole proprietorship business, much like a private tutor or a music teacher.
You will file taxes on a Schedule C Profit or Loss from Business as part of your Form 1040.
I have several blog posts advising people like you who want to offer services to homeschool parents.
Is it Homeschool or Mary Poppins?
Can I hire a homeschool governess?
Is it legal to homeschool other people’s children?
Good luck!
Carol Topp, CPA