The Good, The Bad and the Ugly: Reporting Nanny Taxes

Posted by HomeWork Solutions on Nov 22, 2016 7:54:00 AM

When you think about taxes, how do you feel? Do you feel a surge of dread or an overwhelming sense of confusion? It’s normal to feel this way because let’s face it, reporting nanny taxes can get complicated.

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Topics: nanny taxes

Nanny Taxes Trip Up Many Washington Newcomers

Posted by HomeWork Solutions on Nov 16, 2016 7:30:00 AM

 

The historic 2016 US Presidential Election will bring sweeping change to Washington DC, and an expected 4,500 jobs will be staffed by the incoming president in the next two months as he establishes his team. The Presidential Transition Team is already vetting nominees for Cabinet positions and political appointees in various senior-level agency and ambassadorial posts.

If you are being considered for any of these positions, you’ll be required to answer questionnaires as part of the vetting process that includes references to household employment and the “nanny tax”. Questions might be something like:

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Topics: nanny tax audit, nanny taxes

3 Little Known Reasons Why Paying Nanny Taxes Pays Off In the Long Run

Posted by HomeWork Solutions on Jul 5, 2016 7:00:00 AM

Despite the best efforts of Congress, the number of families that that fail to pay their nanny taxes each year is estimated to be 1.8 million. Aside from the fact that these families technically commit perjury on their family tax returns every year, they also deny their household employee (nanny, housekeeper, senior care nurse, etc.) of retirement and unemployment benefits. As if these weren’t reason enough, here is a list of five more important reasons why you should pay your nanny taxes (and some of them might surprise you!).

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Topics: nanny taxes, household payroll tax

A Summer Nanny and the Nanny Taxes

Posted by HomeWork Solutions on May 31, 2016 7:00:00 AM

What is a summer nanny? Are you responsible for the nanny taxes with a summer-only nanny?

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Topics: summer nanny, nanny tax, nanny taxes

Your Millennial Guide to Childcare [INFOGRAPHIC]

Posted by HomeWork Solutions on Apr 14, 2016 9:00:00 AM

Share This Infographic On Your Site

Millennials, as a whole, are starting to have children, and since raising a child can be expensive, many Millennials choose to work and use childcare services for help. If you’re a Millennial and you’re interested in learning more about childcare services, then check out some of our thoughts below.

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Topics: nanny tax, nanny taxes, childcare, millennial

Nanny Tax - A Breakdown

Posted by HomeWork Solutions on Apr 7, 2016 9:00:00 AM

Do you have a nanny and pay him or her over $2,000 in wages? Congratulations! Now you’re considered a household employer and must file Social Security and Medicare payroll taxes. You will have to report your nanny’s income and taxes paid for the year as well as file report and pay employment taxes on your federal income tax return. There are several forms you need to understand if you employ a nanny in the home. Read on to learn more about these tax forms.

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Topics: nanny tax, nanny taxes

Paperwork Your Domestic Worker Will Need for Tax Season

Posted by HomeWork Solutions on Mar 31, 2016 9:00:00 AM

If you hire people to work in your home -- such as nannies, private nurses, or housecleaners -- then you’re a household employer. You’re responsible for filing the proper taxes and getting the right paperwork to your employees if you pay them over $2,000 for the year (as of 2016).

Now that it’s tax season, be sure you’re providing your domestic workers with the proper paperwork. Start with the following information to ensure a stress-free tax season.

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Topics: household employer, nanny tax, nanny taxes, domestic worker

When DIY Nanny Taxes Go Wrong

Posted by HomeWork Solutions on Jul 30, 2015 3:21:00 PM

A Nanny Payroll Case Study

There’s no doubt about it. Nanny taxes are complicated. There are federal and state taxes, as well as federal and state labor laws that need to be upheld. For some families, while taxes can be a little overwhelming, they think that they can figure it out themselves. This can be done, but before you do it yourself, you need to know it all – the ins and outs of preparing nanny taxes. If not, the do it yourself method can go terribly wrong. Consider this case study of a family that thought they had a good understanding of tax filings, but in fact, ended up making some costly errors.

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Topics: household payroll literacy, nanny taxes, payroll recordkeeping, nanny tax case study

Housekeepers and Nanny Taxes

Posted by HomeWork Solutions on Mar 12, 2015 4:00:00 PM

Confused about how nanny taxes affect the taxes you pay on your housekeeper’s wages? In honor every mom who appeciates extra help keeping the home in order, we thought we’d clear up some common misconceptions surrounding an employer’s tax obligations on their housekeeper’s wages.

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Topics: housekeeper, cleaning lady, nanny tax, nanny taxes

The Consequences of Nanny Tax Fraud

Posted by HomeWork Solutions on Mar 5, 2015 1:30:00 PM

Generally, in life, it pays to do things right the first time. Your nanny payroll taxes are no exception to the rule: while it may be tempting to evade these pesky taxes, in the long run, you will be thankful that you managed your household employment taxes well. It will cost much more of your money, time, and patience to deal with the consequences of tax fraud than to file your payroll taxes correctly the first time around!

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Topics: nanny tax audit, nanny tax statute of limitations, nanny tax, nanny taxes, caregiver, nanny tax case study

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