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.
Blog Category:
Tax Season
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.
10 Nanny Tax Forms Every Household Employer Needs to Know About
Being a household employer comes with a fair share of paperwork. Getting set up as an employer, withholding and remitting nanny taxes, and taking care of year-end taxes all require forms to be filled out by you and/or your nanny. Here are the 10 nanny tax forms every household employer will need.
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.
Can I Claim a Nanny on My Taxes?
When preparing your personal tax return, you may be looking for ways to reduce your tax obligation. Can you claim your nanny’s wages for a tax break? Before filing your tax return, here are 8 questions (and one bonus question) to determine if you qualify for tax breaks.
What Nanny Tax Deductions Can I Claim When Paying My Nanny Legally?
If you’ve hired a nanny, there are two nanny tax deductions you may be eligible to take.
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.
IRS Issues Reminder About New Tax Reporting Rule for Payment Apps
The IRS recently reminded taxpayers about the new tax-reporting threshold when receiving payments through mobile payment apps like Venmo or PayPal. If you receive $600 or more from these third-party payment platforms for work, side jobs, or selling goods, you’ll get a Form 1099-K in January.
How the Child and Dependent Care Tax Credit Helps Families
Child care can be costly but there are a few ways families can cut the expense of child care such as claiming the Child and Dependent Care Tax Credit when they file their personal tax returns. With an expanded credit for this filing season, it is a tax-savings opportunity not to miss.
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