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The New Tax Bill: What it has to Say about Personal Exemptions, Standard Deductions, and Tax Credits

Posted by HomeWork Solutions on Jan 18, 2018 10:00:00 AM

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of all of these changes is what will ultimately determine whether you see reduced taxes. One interrelated group of changes affecting many taxpayers are those to personal exemptions, standard deductions and the child credit.

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Topics: nanny, agency, senior, CPA

Two Steps That Will Help Mom Ease the Transition Back To Work

Posted by HomeWork Solutions on Jan 16, 2018 3:43:00 PM

You’ve had a baby and your maternity leave has probably gone faster than you thought it would! The clock is ticking and soon, you’ll have to start thinking about heading back to work. Many new moms worry about how the transition will go when you leave your baby with a nanny during the day. You may be struggling with how the transition will go, not just for you, but your baby. Leaving your baby with someone new for the first several times is definitely hard at first, but both you and your baby will adjust quickly if you follow some of these helpful steps.

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Topics: nanny, agency

2018 First Quarter Tax Calendar: Key Deadlines for Businesses and other Employers

Posted by HomeWork Solutions on Jan 11, 2018 10:30:00 AM

 

Here are some of the key tax-related deadlines affecting businesses during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Most of these are for you independent CPAs and/or those working with clients’ businesses. Household employer tax deadlines vary by state.

HomeWork Solutions clients can count on the W-2 being filed correctly. If you or your clients are making any filings other than Forms W-2 from the below list for household employer taxes please give us a call. We love to educate on household payroll tax filings.

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Topics: CPA

What Portion of In Home Caregiver Expenses is Deductible as a Medical Expense?

Posted by HomeWork Solutions on Jan 9, 2018 3:17:00 PM

If you itemize your deductions when you’re filing taxes, you may be able to deduct certain expenses that were paid to your in-home caregiver. If you are trying to determine what portion of in-home caregiver expenses can be deducted, there are several stipulations that you should know about.  As always, do consult a qualified personal income tax preparer to help with the details.

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Topics: agency, senior, CPA

AICPA Engage Flashback: Modernizing Technology in the Family Office with Donny Shimamoto

Posted by HomeWork Solutions on Jan 4, 2018 10:00:00 AM

As mentioned in Family Office Hot Topics, technology is becoming a huge part of the family office day-to-day routine. Reporting systems can give families and advisors access to real time data anywhere in the world and security concerns associated with cloud services are all but gone. Modernizing how your office does business is especially important as second and third generations start their own families; everyone knows how we millennials like our screens and instant gratification! Donny Shimamoto (Intraprise Technologies) gave us a good overview of how to integrate new technologies into the family office.

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Topics: accountants, CPA

Nanny Payroll Service You Can Trust

Posted by HomeWork Solutions on Jan 2, 2018 3:52:00 PM

If you’re considering hiring a nanny and you’re determining how much you want to pay, you should also factor in the cost of hiring a nanny payroll service that will have your back. A partner to help make sure you have everything covered in terms of payroll, taxes, and benefits. By hiring a nanny payroll service that you can trust, you’ll have peace of mind that hardworking payroll specialists are working to make sure you have everything in order the first time, so there are no surprises when it comes to tax time.

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Topics: nanny, agency, senior, CPA

Tax Cuts and Jobs Act: Key Provisions Affecting Individuals and Businesses

Posted by HomeWork Solutions on Dec 28, 2017 8:00:00 AM

On December 20th, Congress passed the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers and businesses alike.

We’ve broken down some of the key provisions for both.

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Topics: CPA

AICPA Engage Flashback: Beyond the Internal Audit - Fraud in the Family Office with Mark Pearson

Posted by HomeWork Solutions on Dec 21, 2017 10:00:00 AM

 

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Topics: accountants, CPA

Find a Great Nanny and Don't Break the Budget

Posted by HomeWork Solutions on Dec 19, 2017 3:42:00 PM

When you’re away at work, you want someone that can take care of your kids with love, attention to detail, and the utmost care. Finding the right person for this job can be quite a task and many times, it can be expensive. Have you considered a nanny share? A nanny share allows you to hire the nanny you want, for the price you can afford, because you are sharing the nanny and costs with another family.

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Topics: nanny, agency

2018 - What's New in Nanny Taxes?

Posted by HomeWork Solutions on Dec 14, 2017 3:45:00 PM

Every year there are a host of changes to labor law and reimbursement rates that impact nanny household payroll. Below please find a quick overview of the significant changes that go into effect in 2018.

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Topics: nanny, agency, senior, CPA

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