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Roth IRAs for Minors
Looking for another way to save on your family's taxes? Opening a Roth IRA may be a solution. Roth IRAs for minors, especially teenagers, are perfect because they likely have many years to let their accounts grow tax-free. In the example below, look at how much...
New Standard Mileage Rate for 2015
The IRS has issued the new standard mileage rate for 2015. This rate is used to calculate the deductible costs of driving a vehicle for business. This applies to household employers who choose to let their nanny or other household employee use their car for performing...
Holiday Gifts for Nannies
It’s that time of year again! People are making their lists (and checking them twice) of all the gifts they want to buy for the holidays. While most of the gifts are usually for friends and other family members, nannies are also – hopefully – included. According to...
Washington DC Wage Theft Prevention Act
Washington D.C. employers, including household employers and temporary staffing agencies, must comply with a new amendment to the Washington DC Wage Theft Prevention Act of 2014. This amendment is expected to become effective in mid-December following a mandatory...
Year-End Tax Planning for Household Employers
The end of 2014 is quickly approaching, so it’s important that everything is in order to ensure there are no surprises when it comes time to pay nanny taxes next year. Year-end tax planning isn’t something to put off or ignore. It’s important to look at your finances...
2015 Minimum Wage by State
Household employers are required to comply with wage and hour laws that regulate minimum wage. The 2015 minimum wage by state guide below does not reflect specific monetary values for minimum wages for local jurisdictions (city, county, districts), tipped wages,...
Minimum Wage Increase in Missouri
Last week it was announced that there will be a minimum wage increase in Missouri in 2015. This change comes from a state law that requires that minimum hourly wage paid to employees be adjusted yearly to match the cost of living. On January 1st, 2015 Missouri's...
Immigration Reform and Household Employers
On November 20th, President Obama outlined his executive action regarding undocumented immigrants living in the United States, with a specific focus on providing approximately 5 million immigrants with the opportunity to become legally authorized to work in this...
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