Don't forget about the nanny tax!
A good domestic worker can help take care of your children, assist an elderly parent, or keep your household running smoothly. Unfortunately, domestic workers can also make your tax situation more complicated.
Don't forget about the nanny tax!
A good domestic worker can help take care of your children, assist an elderly parent, or keep your household running smoothly. Unfortunately, domestic workers can also make your tax situation more complicated.
Recent job statistics indicate that more employers are using part-timers to deal with variations in workload and for short-term projects. Here are a few tips your business will find useful if you hire part-time workers.
IRS issues "nanny tax" reminder
The IRS reminds taxpayers not to overlook their responsibilities under the "nanny tax."
In this issue:
The Month of December:
Take final year-end actions:
• Gifts
• Capital gains/losses
• Charitable giving
• Dividend income
December 24th: Last day of Chanukah
December 25th: Christmas Day
December 26th: Kwanzaa Begins
January 15th: 4th Quarter Estimated Payments Due
Thought Provoking Shorts - August 2014
As you review your filing requirements for 2013, make sure you don't overlook the so-called "nanny tax." If you have a household employee, you could be liable to pay state and federal payroll taxes.
First, you must determine whether you have a household employee. Generally, this is someone you hire to work in or around your house. It could be a babysitter, nurse, maid, housekeeper, or gardener. It doesn't matter whether they work part-time or full-time, or whether you pay them hourly, weekly, or by the job.