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.

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.

We don’t see discrimination claims too often in the household employment world but staffing agencies and CPA firms are more vulnerable. In 2018 there were 76,418 claims made to the Equal Employment Opportunity Commission with a price tag of $505m to employers. Here are some tips to help keep your name off that list.

If you employ someone to work in your home such as a nanny or a housekeeper, they are your employee and you are required to treat them as such. As an employer, you are legally required to ensure that their workplace is safe. Unfortunately, accidents happen sometimes, and you will need to be prepared. Having a worker’s compensation policy in place will ensure that your employee will be compensated for any medical care that is needed, including rehabilitation and/or lost wages due to an injury or medical procedure that happened while they were on the job. In addition, your worker’s compensation insurance will help protect you from lawsuits that could happen as a result of an accident at the workplace. Here are some additional reasons that show the importance of worker’s compensation insurance.

Surprisingly (or maybe not…) the Internal Revenue Code does not state specific expenses that can be deducted from your business. It does say “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business” which leaves some room for interpretation. Continue reading to find out more about writing off business expenses.

Do you have to pay your nanny or senior caregiver overtime? Overtime is a topic that many people are confused about, and we get a lot of questions surrounding it, too. Most  household employees work more than 40-hours a week, a necessity if their employers are going to be free to work their own full time job. Household employees are hourly workers under Federal law, and most caregivers who come and go are entitled to an overtime differential of 1.5 times their regular hourly rate of pay . Even if your employee has agreed to not be paid overtime, you will still need to factor overtime into their weekly rate of pay. Why? It’s the law and you will be held to that standard if there is ever a wage dispute. Here’s an example to help you figure out what is required on your end.

Organizations of all sizes change and adapt for many reasons. Sometimes change is due to growth and opportunity, sometimes it’s not. Either way, change brings stress to employees and how that is managed can make all the difference.