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Tax Liability and “Innocent Spouses”

Posted by HomeWork Solutions on Sep 12, 2019 10:00:00 AM

Generally speaking, couples filing jointly are also jointly responsible for the tax obligation of their household. This means that the IRS can go after either spouse for the entire tax obligation, not just the part associated with their earnings. One exception to this rule is called an “Innocent Spouse.”

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Topics: nanny, agency, CPA

Are you a household worker who always worked under the table? Can you receive Social Security when you retire?

Posted by HomeWork Solutions on Sep 10, 2019 4:18:00 PM

The short answer to this question is maybe.

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Topics: nanny, agency, senior, CPA

Traditional IRA Distributions

Posted by HomeWork Solutions on Sep 5, 2019 10:00:00 AM

Retirement planning is a vital part of financial health. Many people use a Traditional IRA to help ensure a comfortable retirement (you can help your household employee too). Building an IRA during your working life is only half the consideration; you should plan for distributions as well.

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Topics: nanny, agency, senior, CPA

Senior Care: Supporting Your Parent’s Caregiver

Posted by HomeWork Solutions on Sep 3, 2019 12:00:00 PM

If you have hired a caregiver to help your aging parent with day to day care, you likely know that some days can be more challenging than others. Being a senior caregiver comes with rewards, but it can also be a difficult and stressful job. Supporting your caregiver goes a long way. Here are some tips on how you can support your parent’s caregiver for the long haul.

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Topics: agency, senior

What Is A “No-Match” Letter?

Posted by HomeWork Solutions on Aug 29, 2019 10:00:00 AM

In the spring of 2019 the Social Security Administration (SSA) started sending out “no-match” letters. These letters are to inform employers that the W-2 given to an employee(s) has information that doesn’t match the agency’s files. Specifically, the information in question is the employee’s name and Social Security Number (SSN).

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Topics: nanny, agency, CPA

Important topics to cover in the nanny job interview

Posted by HomeWork Solutions on Aug 27, 2019 12:31:00 PM

If you are looking for a nanny to work with your family, you know that it takes a lot of time to review resumes and sit down with top candidates for interviews. Doing your research ahead of time and not rushing the process means that you will be able to find the person that fits best with your family. The interview process itself is very important, too, and there are some key topics that should be covered during that time.

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Topics: nanny, agency

Can I Pay My Nanny in Bitcoin?

Posted by HomeWork Solutions on Aug 22, 2019 10:00:00 AM

Virtual currency has had a rapid rise in popularity and thus regulators are still trying to really figure out how to manage (tax) this new form of commerce. Some employers see this as an opportunity to capitalize on the gray area and potentially avoid some tax costs.

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Topics: nanny, agency, CPA

Household Employee Overtime Compensation: When the Schedule Changes

Posted by HomeWork Solutions on Aug 20, 2019 4:02:00 PM

Planning a vacation requires putting together a variety of different details: hotels, rental cars, airline tickets, and more. But if you have a loved one that requires caregiving assistance and you will be gone for an extended time and will not be able to check in in-person from day to day, you will also need to plan on getting coverage in your absence. This might mean that the caregiver will be required to step in and be available for 24 hours shifts. Not sure how to calculate for overtime when your caregiver is working those long shifts? We can help.

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Topics: agency, senior, CPA

4 Common Mistakes When Outsourcing Payroll/HR

Posted by HomeWork Solutions on Aug 15, 2019 10:00:00 AM

For household employers all the way up to midsize businesses, regulatory changes and administrative tasks can be an uphill battle. If you don’t have the staff to devote to these matters then it makes sense to outsource. The trick then is to do it right. This article touches on a few things to watch out for in the process of selecting a vendor/partner.

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Topics: nanny, agency, senior, CPA

NEW! Income Tax Estimator Tool from the IRS

Posted by HomeWork Solutions on Aug 13, 2019 4:00:00 PM

The changes to US Federal tax laws in 2018 created a lot of confusion, and many taxpayers did not realize that they were withholding too much tax or not enough tax until they prepared their 2018 tax returns this spring. Figuring out how much to have deducted from your paycheck has gotten more and more complicated over the years - in fact the Form W-4 will be modified in 2020 and it asks more questions than ever.

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Topics: nanny, agency, senior, CPA

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