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No More Free Lunch, Deduction Cuts in the New Tax Law

Posted by HomeWork Solutions on Feb 22, 2018 10:00:00 AM

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Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law also brings reduction or elimination to some popular business deductions. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. In effect, the reduced tax benefits will mean these expenses are more costly to a business’s bottom line.

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Topics: agency, CPA

Household Employees and Paid Sick Leave Laws

Posted by HomeWork Solutions on Feb 20, 2018 3:11:00 PM

At the Federal level, private employers are not required to offer sick leave - whether paid or unpaid - to their employees. Most household employers voluntarily offer some paid time off to their nanny, senior caregiver or housekeeper in their work agreement. 

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Topics: senior care, nanny, agency, CPA

How the TCJA Affects Bonus Depreciation Now and in the Future

Posted by HomeWork Solutions on Feb 15, 2018 10:00:00 AM

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return.

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Topics: CPA

7 Common Mistakes of California Household Employers

Posted by HomeWork Solutions on Feb 13, 2018 3:00:00 PM

California has some of the most complex household employment labor laws in the country! So complicated in fact that the California Household Employers Guide, published by the state, runs 70 pages of explanation, and that is just for the taxation component!

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Topics: nanny, agency, senior, CPA

2018 Payroll Tax Withholding Tables are Changing

Posted by HomeWork Solutions on Feb 8, 2018 10:00:00 AM

For employers, managing payroll smoothly and properly is a delicate, critical matter. There may be no quicker way to turn a happy employee into a disgruntled one than by mishandling his or her paycheck (exactly why many household employers use us).

This year, employers have an additional challenge with which to contend. When Congress passed, and the President signed into law, the Tax Cuts and Jobs Act (TCJA) late last year, it meant the IRS withholding tables would have to be updated. And now they have been.

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Topics: nanny, agency, senior, CPA

Unexpected Benefits to Hiring a Mature Nanny

Posted by HomeWork Solutions on Feb 6, 2018 3:00:00 PM

The decision to hire a nanny requires plenty of interviewing and research. There are many wonderful nannies out there that are looking for the right family to work with and it’s exciting to think of the many possibilities that you have in finding the right one that fits just perfectly with your children. Nannies are not babysitters, but they are instead nurturing professionals that are committed to helping influence your children’s growth and overall development. Nannies that are young and are looking to gain experience often have energy and unique ideas to bring to a family, but there is also something to be said about hiring a seasoned nanny that has years of experience. Here are some reason why you should consider hiring an experienced nanny.

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Topics: nanny, agency

How long should you retain payroll records?

Posted by HomeWork Solutions on Feb 1, 2018 10:00:00 AM

Employers must exert a certain amount of time and resources to properly retain their income tax records. But these aren’t the only documents you need to maintain. Retention of your organization’s payroll records is also important. This goes for both corporate and household employment.

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Topics: nanny, agency, senior, CPA

When Do I Owe Nanny Taxes?

Posted by HomeWork Solutions on Jan 30, 2018 3:51:00 PM

Unless you’re a tax expert, you likely have some questions about what your responsibility is when it comes to paying taxes on your household employee. If you have a nanny and you have paid this person $2,000 or more in wages, you’re officially considered a household employer and you’re required to pay Medicare and Social Security taxes. You will also need to report your nanny’s income and taxes that are paid for the year, as well as pay Federal employment taxes with your federal income tax return. Most states require filings every quarter and the state and federal thresholds are often different, based on quarterly or annual wages. Although you file a schedule H annually, be aware you may be required to pay quarterly estimated tax payments.

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Topics: nanny, nanny tax, agency, CPA

3 Good Reasons to Conduct Background Checks when Hiring

Posted by HomeWork Solutions on Jan 25, 2018 10:00:00 AM

Many employers use background checks as a regular part of their hiring processes. But “many” does not mean “all.” In fact, recent research conducted by the Society for Human Resource Management indicates smaller businesses tend to skip this important hiring step. Among companies with fewer than 100 employees, fewer than half conduct criminal background checks on job candidates vs. 83% for employers with at least 2,500 employees. Background checks can be particularly helpful in the household employment world too. After all, if you hire a nanny don’t you want to know about the person caring for your child(ren)?

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Topics: nanny, agency, CPA

How do I know my nanny has legal work authorization?

Posted by HomeWork Solutions on Jan 23, 2018 3:57:00 PM

Finding the perfect nanny to work with your family is an exciting and rewarding experience. Once you’ve found the person that you want to hire, you’ll need to verify your nanny’s work eligibility and be sure that she can work legally in the United States.

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Topics: nanny, senior, CPA

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