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Nanny Tax Compliance - Do You Have the Time?

Posted by HomeWork Solutions on 8/26/14 6:20 PM
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HWS has been providing Nanny Tax compliance services since 1993. Did you know, in a recent client survey, the biggest motivation for employers in outsourcing nanny tax compliance is the time saved?

nanny tax complianceHow much time an individual would spend on their nanny taxes will of course vary between individuals. The IRS estimates that record-keeping, keeping familiar with the law, and tax return completion can run 60 hours per year. Record-keeping accounts for the lions share of the time, an activity that needs to be done every payroll period.

I was chatting with a client today. This gentleman has used our services for many years, and his household circumstances are changing. In the course of the conversation, I asked him what factors caused him to continue using our services year after year. He answered without hesitation "The time savings!" He went on to state that he actually spends only about one hour a year on his nanny taxes - primarily in collecting his information and responding to our quarterly requests for wage reports. (This client is a NaniTax Plus subscriber.) He was certain that he had never filed a tax return on time before hiring HomeWork Solutions, and that the savings in late fees alone was more than our fee. I suspect some exaggeration, but not much!

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Oursource Nanny Tax Compliance and Save TimeHomeWork Solutions provides fully outsourced payroll (with direct deposit) and tax solutions, as well as less expensive options when you choose to write your own paychecks. HWS allows registered clients to calculate their payroll online, save all  payroll records to your account and then write your own check to your household worker. Reporting wages is as easy as logging into your account, selecting the payroll records and electronically submitting them for processing. Status emails are the norm - we confirm you have sent your information, we confirm we have received your information, we confirm tax amounts due when we are collecting the taxes, and we confirm when your quarterly or annual filings are complete. Or, as this client remarked, "I send you the information, I don't need to think about it again."

Do you want to do the right thing and pay your fair share of taxes for your household employee, but hesitate to make this time commitment? Give us a call and learn more about how HWS can simplify this for you. You have better things to do with your time, right?


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Topics: nanny payroll, nanny tax, household payroll tax

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