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IRS Increases Mileage Reimbursement Rate for 2022

Posted by HomeWork Solutions on 6/10/22 4:41 PM

On June 9th, 2022, the IRS announced that the tax-free mileage reimbursement limit will be increased to 62.5 cents ($0.625) per mile, effective July 1 through December 31, 2022.  This increase of $.04 per mile is in recognition of recent increases in gasoline prices nationwide.

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Topics: senior care, nanny, nanny tax, nanny benefits, CPA

New Tax Reporting Rule for Mobile Payment Apps

Posted by HomeWork Solutions on 6/9/22 1:35 PM



Venmo, PayPal, and CashApp are popular and convenient apps for making payments electronically. However, if you pay your nanny or other household staff through one of these cash apps, you should be aware of a new tax reporting rule that could impact you and your employees. 

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Topics: nanny, nanny tax, nanny employee, senior, CPA, IRS

Summer Nanny Taxes

Posted by HomeWork Solutions on 6/7/22 11:00 AM

While kids of all ages are dreaming about summer break, parents may be feeling a sense of panic as they scramble to find childcare and activities for the summer. If you are planning to hire a summer nanny, it is important to remember that you have responsibilities as an employer.

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Topics: payroll, nanny, nanny tax, nanny tax compliance, childcare, agency, CPA, taxes

Reasons to Hire a Summer Nanny

Posted by HomeWork Solutions on 5/31/22 11:30 AM

Summer is upon us. Do you have a plan for childcare when school ends to keep your kids engaged and entertained? Hiring a qualified nanny may be a summer solution that checks all the boxes.

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Pre-Tax Student Loan Repayment

Posted by HomeWork Solutions on 5/24/22 11:40 AM

One in eight individuals in the US carries student loan debt. This burden can feel overwhelming, as is often the case for care workers whose wages have not grown at the same rate as those for whom they work. Luckily there is a relatively new program offering relief.

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Topics: maid, nanny retention, nanny, caregiver, Senior Caregiver Payroll, agency, senior, CPA

Total Compensation (Updated for 2022)

Posted by HomeWork Solutions on 5/19/22 4:00 PM

As families plan childcare arrangements for summer break we want to revist one of our most popular blog posts.  When budgeting and crafting a compensation plan to offer your employee, be sure to consider the items below so you don't miss out on tax breaks!

 

Let’s face it- no one enjoys paying taxes. As a household employer, you set a budget for employment costs and seek out the most highly qualified employee within that budget. Don’t be surprised by employment taxes, and don’t neglect an opportunity to minimize them by including forms of non-taxable compensation and benefits in an employment offer. By thinking beyond gross pay to total compensation, you can increase employee take-home pay and make a more attractive offer to your ideal candidate.

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Topics: maid, nanny retention, nanny, caregiver, Senior Caregiver Payroll, agency, senior, CPA

Minimum Wage Increases Coming in January 2022

Posted by HomeWork Solutions on 12/30/21 9:29 AM

Governments are recognizing the need to ensure household employees are paid a living wage and slowly phasing in wage increases over a series of years.  Effective January 1, 2022, 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!

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

2022 Household Employment Coming Changes

Posted by HomeWork Solutions on 12/29/21 2:38 PM

Updated 29 December 2021

Every year HomeWork Solutions prepares a summary of new or updated household employment tax laws and benefit information.

HOUSEHOLD EMPLOYEE 2022 WAGE BASE:

The IRS annually reviews, and adjusts as necessary, the wage payment threshold that obligates a family to pay Social Security and Medicare taxes.  These tax withholdings are reported annually on a W-2.  This threshold will increase to $2,400 for 2022.

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Topics: nanny, agency, senior, CPA

Which Type of Specialty Nanny is Right For Your Family?

Posted by HomeWork Solutions on 11/11/21 2:00 PM

Hiring a nanny is a very personal decision that requires research. Investing time in interviews to get to know potential nannies and their experience is key to finding the right match. Fortunately, there are a few different types of specialty nannies out there that have specific areas of expertise.

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Topics: nanny agency, nanny, nanny payroll tax, nanny tax, live-in nanny, live-in caregiver, temporary nanny, newborn care specialist, Special Needs

Open Enrollment Season Starts Nov. 1- Have You Considered an HRA for Your Employee?

Posted by HomeWork Solutions on 10/26/21 4:19 PM

If you are hiring a nanny or caregiver to work in your home, offering a competitive compensation package with health insurance is important. However, the details surrounding health insurance coverage can get confusing. Here are some things to keep in mind.

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Topics: nanny, agency, senior, CPA

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