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Eldercare FAQ's: The Household Employer Tax Responsibility

Posted by HomeWork Solutions on Apr 14, 2014 8:00:00 AM

Navigating the roadmap of senior home care can be challenging, and the everchanging laws make it even more overwhelming. We are receiving an increasing number of emails regarding the so-called "Nanny Tax," and other concerns surrounding private household employment of senior home caregivers. In response to these questions, we decided to address the top three Elder Care FAQ’s

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Topics: elder care, eldercare, household employee, nanny tax, Hiring Elder care, senior home care

7 Reasons Why You Should Be Paying Your "Nanny Taxes"

Posted by Kathleen Webb on Apr 2, 2014 9:30:00 AM

Hiring a nanny to care for children, or a caregiver for an elderly family member can be very expensive. These employees often work long hours and your need for their services is generally perpetual. The high cost of employing household workers often makes it tempting for families not to report paid wages, since reporting carries additional financial requirements related to unemployment insurance and other benefits. However, the risks to families who do not pay their domestic employees "on the books" are considerable.

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Topics: household employee taxes, household employee, household employer, household payroll tax, workers compensation household employees

Tax Tidbit: Filing the Correct Tax Forms for a Household Employee

Posted by Kathleen Webb on Mar 18, 2014 7:00:00 AM

Regardless of whether your household employee is full time or part time, employers are required to pay employment taxes if the employee is paid $1900 or more per year (in 2014).

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Topics: household employee, household employer, nanny taxes, 1099 v w-2, household payroll tax, household payroll

Tax Tidbit: Organizing Your Household Employment Tax Documents

Posted by Kathleen Webb on Mar 14, 2014 7:00:00 AM

If you employ a household employee (defined by the IRS as any domestic worker earning more than $1900 in calendar year 2014), you are responsible for the so-called "nanny taxes". By keeping track of paperwork, you'll be in a much better position come tax time next year. Nanny agency owners can also benefit from staying organized during the year whether they are filing their agency's taxes on their own or with a tax preparer.

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Topics: household employee taxes, household employee, payroll recordkeeping, nanny tax compliance

The Nanny Taxes Are For Undocumented Immigrants, Too.

Posted by Kathleen Webb on Mar 4, 2014 8:01:00 AM

Immigrants, including undocumented immigrants, must comply with the same tax laws as U.S. citizens- including paying the so-called "nanny taxes". Allan Wernick an attorney and director of the City University of New York's Citizenship Now! Project, recently wrote an article in the Daily News about tax compliance for non-U.S. citizens and their employers. This includes immigrant nannies!

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Topics: foreign domestic workers, household employee, G5 domestic

How To Let The Nanny Go

Posted by Vanessa Vidal, FPC on Feb 20, 2014 3:51:00 PM
Nanny jobs are not forever, and the reasons for letting your child's caregiver go vary. Often, the children grow up and your beloved family nanny is no longer needed. Perhaps the nanny has horrible work habits - always late or a frequent 'no show.' Your family and the nanny simply may not 'click.' The nanny who was a wonderful nurturer of your infant does not have the energy to deal with your demanding toddler. Whatever the reason, firing a nanny can be an uncomfortable experience for both family and nanny.
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Topics: household employee, nanny severance, nanny, nanny employee, nanny separation

Household Employee Wage Threshold Rises to $1900 in 2014

Posted by Kathleen Webb on Feb 11, 2014 11:10:00 AM

In 2014, the Household Employee Wage threshold increased to $1900. This means that any household employee- such as a nanny, housekeeper or elder care worker- earning $1900 or more per year requires their employer to pay what is commonly referred to as the "nanny tax."

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Topics: household employee, household employer, household payroll

Nanny Misclassification and the 1099 Mistake

Posted by HomeWork Solutions on Jan 10, 2014 7:28:00 AM

W-2_(1)Tax season is in full swing, and Americans are preparing to file their annual income tax returns. If you are a household employer - you employ a nanny, housekeeper or senior caregiver - you will find conflicting advice on how to handle the "nanny taxes."

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Topics: household employee, worker misclassification, independent contractor, nanny tax, nanny taxes, 1099 v w-2

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