How to Reimburse Your Nanny for Gas and Mileage
If your nanny drives their car while on the job, it’s a best practice to reimburse them for gas and mileage. Here’s how to do it the right way and avoid any additional taxes for extra compensation.
If your nanny drives their car while on the job, it’s a best practice to reimburse them for gas and mileage. Here’s how to do it the right way and avoid any additional taxes for extra compensation.
What happens if your employee provides an Individual Taxpayer Identification Number instead of a Social Security Number? While an ITIN and an SSN may seem similar, they are vastly different. Employing a nanny who has an ITIN and not an SSN can get you in some trouble.
The benefits of legally paying your nanny ensures fairness and protects both parties. It’s a win-win situation for both you and your nanny. You’ll gain peace of mind, reduce legal risks, and potentially qualify for tax breaks. Your nanny will benefit from financial security, social security contributions, and a professional working relationship.
The awesome nanny you plan to hire wants to be paid off the books. You know the risks but do you take a chance and go along with your nanny? Nannies, however, often don’t see the bigger picture when it comes to being paid legally and what benefits (both immediate and long-term) they may be missing. Here’s what to say to get them on board with legal pay.
Calculating nanny taxes is an important step when hiring an in-home caregiver for your children. It’ll help you understand your total budget for childcare beyond just the wages you’ll pay your nanny. Here’s what you need to know.
If you run a business and employ household help, can you pay that employee through your company payroll? This is a common tax question that can affect your personal and company finances. The short answer is no – a household employee shouldn’t be paid by a corporate entity through their business payroll. Here’s why.