Penalties of Paying Under-The-Table Paying off-the-books is tax evasion which is subject to fines, back taxes, interest, and even prison time. The amount you owe to the IRS, if you don’t file, is penalized at 47.5% interest (22.5% for late filing and 25% of the total for not filing). To collect monies owed, the IRS […]
Yesterday we listed some of the benefits for nannies that are paid legally (AKA on-the-books). Now that you know the importance of tax compliance, be sure to let your employer know they can benefit by by paying their nanny legally as well. Here are some benefits for families who pay their household employees legally: Using […]
It’s tax season and time to remind nannies the benefits of being paid on-the-books. No one likes paying taxes, and certainly many nannies don’t in part due to the fact that nannies don’t insist their employer’s are tax compliant because they don’t realize the benefits of being paid-on-the-books. Here are some of the benefits to […]
Organize, Don’t Agonize Don’t Be Lax on Tax: If you feel stressed-out or panicked by the prospect of filing taxes, we suggest a list of lists to enable you to direct your energies properly. Do you get aggravated when it is time to file your tax forms? Do you struggle to gather the proper information? […]
Thursday, February 17th7:30 PM EST / 4:30 PM PST Presenters: Tom Breedlove and Lora Brawley In the first part of this webinar Tom Breedlove, a top nanny tax expert, will provide a comprehensive look at the what, when and why of nanny taxes. He’ll answer attendees’ questions in user-friendly language and provide helpful resources to […]
Don’t Overlook Tax Deductions Take your time when preparing your taxes. Don’t miss simple tax deductions. Here are some. If we forgot some, please let us know what we have missed in comments below. Student Loan Interest Paid by Your ParentsGenerally, you can only deduct mortgage or student-loan interest if you are legally required to […]
Nannies, Do You Pay Your Taxes? Nannygate has become the popular term for employers who don’t pay their household employee’s taxes. Nannygate is an epidemic in America. We won’t pretend anyone likes to pay taxes. But, there are many great benefits to being paid legally. 1. History of Legitimate Employment 2. Unemployment Benefits 3. Disability […]
You Must Have Your W-2 by January 31stBy law, your employer must give you your W-2 form by January 31, 2011. You need the W-2 to fill out your 2010 taxes. Your employer will save a copy, you need to save a copy, and you will need to include copies with both your state and […]
Nanny Payroll Tax Changes for 2011 By Kathy Webb 4NannyTaxes.com It’s the start of a new year and time to do your taxes! First let your employers know immediately that there has been changes to payroll deductions. Employers, please make sure to recalculate your nanny’s payroll deductions prior to issuing the first 2011 payroll. There […]
Finding a Nanny Job in Tough Economic Times We have been discussing how to find a great nanny job during an economic recession. I would never say a professional, experienced, reputable nanny cannot find a great salary and good benefits during the economic recession. But it’s common sense that there are less nanny jobs available, […]
bethebestnanny.com 