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Navigating Nanny Shares: Tips for a Smooth Experience

Posted by HomeWork Solutions on 7/10/24 2:55 PM

Nanny sharing is a popular solution for families balancing quality childcare with budget constraints. This arrangement allows one nanny to care for children of more than one family simultaneously. This arrangement offers social benefits for the children and financial savings for the parents. At the same time, the nanny generally makes a slightly higher hourly wage. However, as beneficial as nanny sharing can be, it also comes with challenges. Let's explore some common issues in nanny-share situations and provide practical solutions to ensure a smooth experience for everyone involved.

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Topics: nanny share, nanny, household payroll, homework solutions, childcare solutions

Vacationing with Your Nanny: Tips for a Smooth and Enjoyable Experience

Posted by HomeWork Solutions on 7/2/24 2:32 PM


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Topics: nanny, household payroll, homework solutions

Simplifying Senior Home Care Hiring: Costs and Considerations

Posted by HomeWork Solutions on 6/25/24 1:45 PM

Caring for an aging loved one can be overwhelming, especially when balancing work and other responsibilities. More families are exploring the option of privately hiring senior home care to ensure their loved ones can age in place safely and happily. You might wonder what to consider when hiring senior home care assistance. Let's break down the costs and options for in-home senior care.

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Topics: aging in place, household payroll, senior, Aging at home

Minimum Wage Increases Coming in July 2024

Posted by HomeWork Solutions on 6/24/24 12:42 PM

Minimum wage will be increasing in many states and cities across the country.  As longtime advocates for fair and legal pay, we believe this is long overdue!  Domestic employees deserve a living wage that fairly compensates them for the invaluable work they do to keep our households running.

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Topics: senior care, nanny, agency, senior, CPA

Your Guide to Understanding Household Employer Paperwork in 2024

Posted by HomeWork Solutions on 6/18/24 3:59 PM

If you hire individuals to work in your home, such as nannies, senior caregivers, or housecleaners, you are likely a household employer in the eyes of federal labor and tax authorities. This employment relationship means you're responsible for filing the proper taxes and providing the necessary paperwork to your employees if you pay them over $2,700 for the year (updated for 2024).

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Topics: household employer, nanny tax, Senior Caregiver Payroll, domestic worker, caregiver tax, schedule H, household employment, homework solutions

Why CPAs Should Engage Clients on Caregiving Needs

Posted by HomeWork Solutions on 6/13/24 7:07 PM

As the Baby Boomer generation ages, a growing number of them face decisions around long-term care needs for themselves or their parents. This presents an opportunity for CPAs to have important family wealth-planning conversations. By proactively discussing potential home caregiver requirements, you can position your firm as a trusted advisor while identifying clients who may need support transferring assets or updating estate plans.

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Topics: senior caregivers, accountants, CPA

Paid 'Under the Table' - Can I Still Receive Social Security?

Posted by HomeWork Solutions on 6/11/24 9:45 AM

If you've worked as a household employee and received your pay 'under the table,' you might wonder about your eligibility for Social Security benefits when you retire. The answer is not straightforward and depends significantly on your marital status, work history, and how your income was reported.

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Topics: eldercare, nanny retirement, W-2, nanny, caregiver, Senior Caregiver Payroll, senior home caregiver, domestic worker, childcare

Managing Household Payroll: A CPA’s Guide to Navigating Your Clients’ Nanny Taxes

Posted by HomeWork Solutions on 6/6/24 1:56 PM

For CPAs, now is a great time of year to ensure clients with household employees—like nannies—are doing things the right way to make tax time easier for them and for you. It’s ideal if these clients have diligently tracked hours, issued accurate paychecks with the appropriate Social Security and Medicare taxes withheld, and kept up with quarterly unemployment tax filings and W-2 distribution. Unfortunately, this scenario is more the exception than the rule. Many employers of household employees are either not fully aware of their responsibilities or find themselves too pressed for time to manage them effectively, often creating additional workload for their CPAs.

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Topics: household employee, household payroll, CPA

Labor Rules Roundup: June, 2024

Posted by HomeWork Solutions on 6/5/24 8:45 AM

May was an extremely busy month for labor rules across the U.S. Read on for our latest roundup of the Department of Labor's final rule, its ramifications across industries, and expert opinions on how all these topics impact your practice and your clients.

DOL Finalizes Fiduciary Investment Advice Regulation | Practical Law The Journal | Reuters

The Department of Labor (DOL) has finalized a regulation on the definition of fiduciary investment advice under the Employee Retirement Income ... 

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Topics: FLSA, independent contractor, accountants, CPA

Unintended Consequences of Off-the-Books Payments: A Client's Story

Posted by HomeWork Solutions on 6/4/24 12:52 PM

When Mike and Joyce welcomed Mike’s mother into their home following the loss of her husband, they also hired a part-time caregiver to assist with some of her daily needs. Opting for simplicity in a challenging time and not realizing there were employment obligations, they agreed to a $500 weekly payment off the books—a decision that seemed mutually beneficial at the outset. The caregiver proved invaluable over the nearly three years she worked with them, parting ways amicably when Mike’s mother transitioned to a nursing facility.

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Topics: aging in place, eldercare, Hiring Elder care, hiring care for seniors, Senior Caregiver Payroll

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