Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of all of these changes is what will ultimately determine whether you see reduced taxes. One interrelated group of changes affecting many taxpayers are those to personal exemptions, standard deductions and the child credit.

You’ve had a baby and your maternity leave has probably gone faster than you thought it would! The clock is ticking and soon, you’ll have to start thinking about heading back to work. Many new moms worry about how the transition will go when you leave your baby with a nanny during the day. You may be struggling with how the transition will go, not just for you, but your baby. Leaving your baby with someone new for the first several times is definitely hard at first, but both you and your baby will adjust quickly if you follow some of these helpful steps.

If you itemize your deductions when you’re filing taxes, you may be able to deduct certain expenses that were paid to your in-home caregiver. If you are trying to determine what portion of in-home caregiver expenses can be deducted, there are several stipulations that you should know about. As always, do consult a qualified personal income tax preparer to help with the details, but here is a quick guide to some caregiver tax deductions.

If you’re considering hiring a nanny and you’re determining how much you want to pay, you should also factor in the cost of hiring a nanny payroll service that will have your back. A partner to help make sure you have everything covered in terms of payroll, taxes, and benefits. By hiring a nanny payroll service that you can trust, you’ll have peace of mind that hardworking payroll specialists are working to make sure you have everything in order the first time, so there are no surprises when it comes to tax time.

When you’re away at work, you want someone that can take care of your kids with love, attention to detail, and the utmost care. Finding the right person for this job can be quite a task and many times, it can be expensive. Have you considered a nanny share? A nanny share allows you to hire the nanny you want, for the price you can afford, because you are sharing the nanny and costs with another family.

Every year there are a host of changes to labor law and reimbursement rates that impact nanny household payroll. Below please find a quick overview of the significant changes that go into effect for nanny taxes 2018.

As an employer, you want to make sure your nanny feels valued and appreciated, so in addition to paying her a fair wage, it’s great to consider some additional benefits that you could provide that are tax-free. Household employees are eligible to receive non-taxed benefits and reimbursements, but some do have limits and procedures associated with them. Here, we will provide a few options for non-taxed benefits that you may be able to provide.

Earlier HWS reported on changes to tax-free employer assistance with nanny health insurance in 2017. As we approach the end of the year it is important to note that the reimbursement by an employer for nanny health care expenses - or any household employee's health care reimbursement - requires reporting of the benefit on the nanny's W-2 form.

Finding the right in-home care for your loved one is an incredibly important decision. Maybe your loved one needs medication supervision on a regular basis, or maybe they are recovering from a fall or surgery. In-home caregivers can provide non-medical services as well as homemaker tasks, as well as administering medication and helping with bathing and grooming. Finding the right person to care for your loved one means you’ll need to take some time to do your research, including interviewing several people that you feel might be the best match. But, before you set out on your journey of finding a new household employee, here are some mistakes that should be avoided.

Tuesday morning at Engage 2017 kicked off with a business titan sharing advice to an arena full of people. Kevin O’Leary (Mr. Wonderful on Shark Tank) took the stage and shared with us lessons from his business and personal life. His advice revolved around creating and building successful businesses, something he clearly knows a lot about. This ended up being a theme for the week, focusing on your firm as a business and how to grow it into the future.