President Biden is proposing unprecedented funding for the IRS to reduce tax evasion and better conduct audits of wealthy Americans. The administration wants to use money raised from cracking down on tax avoidance to help fund the new social programs of the American Families Plan.
Virginia’s minimum wage rate, which has been the same as the federal rate for several years, is set to increase in 2021 and then periodically for the next few years until it’s tied to inflation beginning in 2027.
It’s always the right thing to do, but with expanded childcare tax credits and increased contribution limits on Dependent Care FSAs through the American Rescue Plan, paying your nanny legally may now be cheaper than “under the table.”
The American Rescue Plan – a $1.9 trillion pandemic relief package that includes expanded tax credits, additional stimulus checks, extended unemployment benefits, and more – is now in effect. Here’s how this landmark legislation will impact families and nannies.
Nanny taxes, domestic worker protections, minimum wage and overtime rules, tax savings, and more. We spell out everything you need to know about employing a nanny or other household workers in 2021.
It’s that time of year again. Here’s what you need to know if employed someone to work in your home last year and how to file your nanny taxes in 2021.
Before we finally say goodbye to 2020, let’s take a look back. The pandemic impacted nearly every aspect of our lives including employing someone to work in your home. So it’s no surprise that most of our most popular household employment blog posts of the year were related to the health crisis.
The Social Security Administration released its 2021 Employment Coverage Threshold for household employees. Next year’s coverage threshold increases by $100 to $2,300.
The IRS recently released a draft of the 2020 Schedule H, which a family files with their personal tax return to report household employment taxes. The draft reconciles tax credits taken for qualified paid leave related to the pandemic. Here’s what household employers need to know.
Household Employer Digest
Download our free guide and find out everything you need to know about paying your employee legally and filing your taxes.
.
Get your free: Complete Guide to Household Payroll
