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W-2 or Independent Contractor?
Understand the difference between classifying household workers (such as nannies and caregivers) as 1099 contractors vs. W-2 employees. Misclassification has serious legal and financial consequences.
Schedule H: What You Need to Know
If you employed a household employee and paid them $2,700 or more in 2024, you are required to complete and submit a Schedule H along with your Form 1040.
How to Claim Nanny Tax Benefits and Reduce Your Costs
Are you a working parent with a nanny? You may be eligible for significant tax breaks. We will break down the two main options.
Why Paying Nanny Taxes Matters
As a responsible employer, paying your nanny’s taxes is essential. It offers significant benefits for both you and your nanny, all of which outweigh the cost of paying illegally.
How Long Should You Retain Tax and Payroll Records?
As a family that has hired a nanny, in-home senior caregiver, or other household employees, you are now considered an employer and should follow guidelines for retaining employment, tax, and payroll records.
Nanny Taxes: End-of-Year Documents
Ensuring legal compliance when employing a nanny is crucial. Learn about essential tax documents like W-2s, W-3s, and Schedule H. Discover potential consequences of non-compliance and how to avoid them.
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