Families who hire on a short-term (i.e. summer nannies), part-time, or shared basis have a unique tax advantage. Since employer taxes are tied to wages, these families typically have a much smaller tax obligation but still get to take full advantage of the tax breaks. Here’s an example: The Smiths hire a summer nanny and […]
Nanny Tax Dilemma: Nanny-Share Arrangements By Tom Breedlove A nanny-share is defined as two families sharing the expense of employing a nanny to care for their children as a group. The nanny and children may alternate between the two family homes, but care is provided to the children of both families as one job for […]
Penny-Pinching Parents Share Nannies By Vikki Ortiz Healy They met through a mutual friend. Over Starbucks, brunch and other dates, they discovered they were both family-oriented, enjoyed similar hobbies and understood each other’s career goals. So after just a few months, Sarah Greenspan and Rachel Graupe, both of Buffalo Grove, agreed to take the next […]
Innocent Mistake Disqualifies Tax BreaksBy Breedlove & Associates Nanny Share arrangements become increasingly popular during tough economic times because they allow families to split the cost of the caregiver’s wages as well as most of the associated costs. In addition, both families are entitled to the same childcare tax breaks as single-family employers. Since the […]
The Logistics of the Nanny Share With the country in an economic recession there has been a lot of media coverage about nannies losing jobs and coming up with creative ways to keep their jobs. For example, some nannies have accepted less hours or less money to keep their jobs. Other nannies agree to take […]
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