Trade secrets are among the most critical yet often overlooked assets of any organization. They aren’t always as sophisticated as proprietary software or as famously secret as Coca-Cola’s formula. A trade secret can be as seemingly innocuous as a customer list, business strategy, policy manual or pricing sheet.

Classifying a worker as an independent contractor frees a business or family from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes – household employers can legally omit withholding even for an employee.

One of the biggest concerns for family business owners is succession planning. Often, the best time tax-wise to start transferring ownership and executing a strategy for family business succession planning is long before the owner is ready to give up control of the business.

A family limited partnership (FLP) can help owners enjoy the tax benefits of gradually transferring ownership yet allow them to retain control of the business.

Background screenings and reference checks are important parts of the hiring process. Which one do you need? As experts in the nanny field, we recommend that you do both. Here are the differences between the two and why it’s critical to get both done before you hire anyone to work inside your home.

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you. Here is a full explanation of the home office deduction requirements.

Once an employer identifies a prospect for an open position and sets up an interview, another great challenge arises: How do you effectively use the interview to determine whether this person is right for your organization? Household employers, this means you too!

You’ve done your research and interviewed lots of potential candidates for your household employee position. Whether it’s a nanny, an in-home senior caregiver, or someone else that will work regularly in your home with you, making the decision to hire the right person can feel like a lot of pressure. And more than likely, you have questions on what your responsibilities are for paying taxes on your household employee.

For small businesses and household employers, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government.

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits of the renewable energy tax incentive, you need to buy and install certain types of renewable energy equipment in the home.

You live a busy life and sometimes, you feel overwhelmed with the demands and tasks that continually pile up. If you’ve hired a household employee such as a nanny or senior caregiver and you simply don’t have the time to manage the payroll and make sure that all the taxes are being withheld properly, it may be time to consider a household payroll service.
There are many benefits to outsourcing. Here are some of the main reasons to consider delegating payroll to the professionals.