As with any other household employment, taxes in a nanny share arrangement will be owed by the families and the caregiver. We’ll answer 5 key questions to give you everything you need to know about how to pay taxes when forming a nanny share.
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GTM Blog
Why You Shouldn’t Give Your Nanny a 1099
One of the most common questions (and misunderstandings) surrounding household employment is whether a family can provide their nanny a 1099 at tax time and consider them an independent contractor rather than a household employee. The short answer is “no.” Here’s why and answers to other questions you may have.
IRS Warns of Schemes Aimed at Wealthy Taxpayers
Questionable tax practitioners and independent promoters selling schemes like CRATs and monetized installment sales can leave wealthy taxpayers vulnerable to underpayment tax penalties or civil fraud penalties.
How to Reduce Your Nanny Taxes
You figured out much you owe in nanny taxes when you employ someone to work in your home. Now the good news! Here are seven ways to reduce your nanny taxes that can save money for both you and your employee.
Illinois Set to Require Paid Leave for Any Reason
Under the Paid Leave for All Workers Act, household employers in Illinois will be required to provide up to 40 hours of paid leave during a designated 12-month period beginning in 2024.
Chicago Now Accepting Applications from Domestic Workers for One-Time $500 Relief Payments
In an effort to help populations that had difficulties accessing and qualifying for federal relief during the COVID-19 pandemic, the city will award payments to up to 7,000 household employees who meet eligibility criteria.
Valentine’s Day Traditions to Start with Your Family
Valentine’s Day is a time to celebrate love. Consider starting Valentine’s Day traditions with your family. Here are some ideas to get you started.
3 Fun Ideas to Celebrate Black History Month with Your Children
As we celebrate Black History Month in February, here are some resources and family activities to help your children understand and appreciate the importance of African-American history.
8 Step Guide to Getting Your 2022 Nanny Taxes Done
Still have your 2022 nanny taxes to knock off your to-do list? If you are a new household employer and taking on nanny taxes for the first time, this quick step-by-step guide will take you through the process. Even if you’ve put off anything to do with nanny taxes until now, do not worry.
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