I would like to find out about reporting your income as a preschool teacher. Where can I learn about that? What kind of taxes would you pay or tax breaks would you receive?

Would you be working for a company or running it yourself? If for a company, they will take care of your withholdings and you will get a W2 form soon after the start of the year to use with filling out your tax form. If you would be working as self-employed, then you would need to figure your taxes yourself with the self employment tax form.

If you are an employee, then your tax return will be relatively simple. You can probably get by with a Form 1040EZ.

If you are self-employed (you run the preschool or you are being paid as an independent contractor), your return is much more complex, and you should get professional tax help. I suggest that you contact a local tax professional THIS WEEK, so that you can request an appointment in December and the tax pro can review your records and do the initial work needed to file your return.

I would be self employed. Thank you for you answer. I'm sure it will be worth it to get help!

Glad to help!