1-800-NANITAX (800-626-4829) Enroll Now Log In
With schools out for the summer, parents across the country are setting up other means of childcare. Some parents opt for day camp, others for a nanny or day care center, in most cases though the cost of these options counts towards the Childcare Tax Credit.
A client in Texas , Jane, hired a home care worker to help her mother around the house, an important hire to help her mom live safely and independently at home. Jane’s mother lives alone and has recently had to give up her driver’s license due to health issues. She needs someone to help her get out to meet her friends, get to doctor appointments and help with groceries and errands. She also has some housekeeping areas she can no longer safely do herself.
Many, many nannies and senior caregivers have a routine work week that exceeds 40 hours a week. Presuming that the employment situation is long term, most families agree to specific paid holidays. Exactly how does a paid holiday impact the weekly overtime calculation?
If an employer withholds federal taxes from an employee (income and/or FICA) they must be remitted to the IRS timely. If not, you can face hefty penalties and the IRS can come after individual people in a corporation.
Nannies and babysitters – a lot of people use these terms interchangeably, but they in fact are quite different. While it is true that both provide similar services – taking care of children in a parent’s absence – there are some important reasons why there are significant differences between a nanny and a babysitter.
Many people look to move to another state in retirement. There are lots of good reasons to do this but make sure to check the tax obligations first. Here are some tips to think about before moving.
Topics: CPA
Employee incentive plans are a great way to motivate staff and help foster overall organizational growth. Sometimes they are pretty simple, but they can get complex and troublesome quickly. Here are some things to think about to start from a solid foundation.
The tax year 2018 audit stats are out and the IRS has revealed that fewer taxpayers were selected for audits than in prior years. That doesn’t really matter though if you are one of the unlucky few! Also, things like not paying household employment taxes increase your risk of an audit. Let’s take a look at some numbers and strategies everyone can use.
If you own a business and need some extra help this summer you might want to look to your children. There are many benefits to hiring your kids – they get experience, they learn about earning and managing money, and you can get tax breaks.
At HomeWork Solutions we regularly consult with CPAs and other financial professionals about household employment. The most common questions we get go something like: “I have a client that hired a nanny and I don’t know what to do,” or, “If I remember my payroll class right from college I can just use a 1099 for this, right?” We’ve put together 7 things to know when a client brings this issue to you.
Topics: CPA