It is a common, but ill advised, practice in the household employment field to negotiate wages on a take home pay basis. We have illustrated many times how parents can get themselves into budgetary hot water when they agree to a take home wage without first doing the math to figure out what the out of pocket costs are too. Similarly, a nanny or senior caregiver who simply negotiates her wage on a take home pay basis often works against her best interest.
Modern businesses must have a good website to remain competitive, even if they aren’t an eCommerce business. Developing and maintaining a site though isn’t always cheap and easy. As these costs can mount quickly, business owners often want to know how to treat those costs when it comes to taxes. This post gives you a starting point for proper categorization of website development costs.
The Internet has become a must-have. It makes our lives easier and gives us the tools we need to research and find information with just a few clicks of a button. However, it also gives people the platform to write what they want to, which can be both good and bad. Because more and more people turn to writing reviews for businesses online nowadays, businesses have had to think about how to best respond to the reviews that are coming in about them. Unfortunately, bad reviews happen occasionally, and your response makes all the difference.
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.”
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.
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).
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.
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.
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.
