Health Insurance Tax Credit I work as a nanny and needed health insurance desperately. Lucky for me, Tom Breedlove of Breedlove & Associates answered my questions, and my employer’s questions, without a consultation fee! First, I went to the Heatlh Reform In Action web site to find the most affordable individual health insurance available in […]
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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 […]
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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 […]
[Continue reading...]Nanny Tax Dilemma: Paying a Household Employee on the Company Payroll By Tom Breedlove This week we are discussing common nanny tax dilemmas. Yesterday, Tom Breedlove of Breedlove & Associates explained the common misperception that families can classify a domestic worker as self employed (an independent contractor). He explained that the IRS has ruled definitively […]
[Continue reading...]Tax Season Dilemmas for Nannies By Tom Breedlove There is a fairly common misperception that families can classify a domestic worker as an independent contractor if they want to. Thanks to misinformation floating around on the Internet — and sometimes even bad advice from a general tax professional — some families are misled into thinking […]
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Weekly Trip to the Library for Nannies and Au Pairs It’s Spring and a great time to teach kids about how plants grow. We suggest reading How a Seed Grows by Helene J. Jordan. Then, do a simple project of planting a bean so your charges can watch a seed germinate. How a Seed Grows […]
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What Activities Do Your Charges Do? Do your charges have cell phones, Facebook accounts, and are they allowed to play freely on the computer? Do they have enough play dates and leisure play time, or do you feel they are over scheduled? Let us know by taking the Be the Best Nanny Newsletter survey. The […]
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Nanny Problems: Solutions and Prevention Honest Advice from Judi Merlin Free Webinar Thursday April 7th, 7pm EST What is the biggest problem you have faced on a job and how did you handle it? What is the biggest problem you have faced on a job and how would you handle it differently in hind sight? […]
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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 […]
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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 […]
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