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Do you know which of your clients have hired a nanny, private tutor, or senior caregiver this year? In response to school, daycare, and nursing home closures across the country, household employment is at an all time high. Don’t be left scrambling to complete W2s and unemployment tax filings in January. Now is the time to contact clients about their “nanny tax” obligations!
Topics: household employee, nanny tax, nanny taxes, nanny tax compliance, CPA, 2020 taxes
Your nanny is an important part of your family. She takes care of your kids when you are away, and she gives them the love and attention that they need. Paying your nanny a fair wage is one way to show your appreciation for her attentive work with your kids, but when she goes above and beyond, you can choose to acknowledge her in an even greater way. Here are some ideas on how to do that.
Topics: household employee, nanny agency, nannies, nanny taxes, nanny bonus, agency
Employers are faced with a variety of tasks and deadlines and sometimes staying on top of activities and dates can be difficult. Did you neglect to report and pay your nanny taxes in 2016? There’s good news: it’s not too late. Here are some important must-knows.
Topics: nanny taxes, outsource nanny tax
We’ve seen it shatter the dreams of potential officeholders, time and time again — no, it’s not adultery, bribery, or breaking into the Democratic National Headquarters — we’re talking about the nanny tax.
Topics: nanny tax, nanny taxes
When you think about taxes, how do you feel? Do you feel a surge of dread or an overwhelming sense of confusion? It’s normal to feel this way because let’s face it, reporting nanny taxes can get complicated.
Topics: nanny taxes
The historic 2016 US Presidential Election will bring sweeping change to Washington DC, and an expected 4,500 jobs will be staffed by the incoming president in the next two months as he establishes his team. The Presidential Transition Team is already vetting nominees for Cabinet positions and political appointees in various senior-level agency and ambassadorial posts.
If you are being considered for any of these positions, you’ll be required to answer questionnaires as part of the vetting process that includes references to household employment and the “nanny tax”. Questions might be something like:
Topics: nanny tax audit, nanny taxes
Despite the best efforts of Congress, the number of families that that fail to pay their nanny taxes each year is estimated to be 1.8 million. Aside from the fact that these families technically commit perjury on their family tax returns every year, they also deny their household employee (nanny, housekeeper, senior care nurse, etc.) of retirement and unemployment benefits. As if these weren’t reason enough, here is a list of five more important reasons why you should pay your nanny taxes (and some of them might surprise you!).
Topics: nanny taxes, household payroll tax
What is a summer nanny? Are you responsible for the nanny taxes with a summer-only nanny?
Topics: summer nanny, nanny tax, nanny taxes
Millennials, as a whole, are starting to have children, and since raising a child can be expensive, many Millennials choose to work and use childcare services for help. If you’re a Millennial and you’re interested in learning more about childcare services, then check out some of our thoughts below.
Topics: nanny tax, nanny taxes, childcare, millennial
Do you have a nanny and pay him or her over $2,000 in wages? Congratulations! Now you’re considered a household employer and must file Social Security and Medicare payroll taxes. You will have to report your nanny’s income and taxes paid for the year as well as file report and pay employment taxes on your federal income tax return. There are several forms you need to understand if you employ a nanny in the home. Read on to learn more about these tax forms.
Topics: nanny tax, nanny taxes