6 Suggestions to Keep Uncle Sam Happy With Your Homeschool
Posted by Jim Berigan on 04 Feb 2008 in: Best Practices, Homeschool Issues
This post is directed at homeschooling parents. Many times, homeschoolers are overlooked in the fundraising world. However, the costs associated with teaching quality lessons at home can be significant. Therefore, many parents who elect to follow this more independent route wonder about the fundraising model set by public and private schools. While this certainly is a viable option, there are some important concerns that each homeschool parent should note.
When you finally made the decision to teach your children at home, there were understandably dozens of concerns that raced through your mind. Making sure that Uncle Sam got his cut of any money you raised to pay for books, materials, trips, or other educational supplies probably wasn’t high on the list of stuff that kept you up at night.
However, the reality is that if you ever decide to solicit outside funding for any aspect of your homeschool enterprise, you may have income to report.
And, as everybody knows, failure to report income is well… not encouraged by the Internal Revenue Service.
So, what do you absolutely need to know in order to avoid a difficult situation with the IRS? continue reading
