For a few reasons, like qualifying for a health insurance subsidy or taking home more money, a nanny may want to be paid half on and half off the books. This may seem like a reasonable compromise especially if you like the caregiver. Plus, you save on taxes too. Everyone is happy. Right? Here are four key reasons why this is a bad idea even if well-intentioned.
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.
An ICHRA is a new type of HRA that provides tax-free reimbursements for employees and unlimited contributions for employers. Here’s how they work and what it means for families with household help who wish to provide health benefit options.
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
800-929-9213