{"id":5265,"date":"2014-12-03T15:30:03","date_gmt":"2014-12-03T20:30:03","guid":{"rendered":"http:\/\/gtm.com\/household\/?p=5265"},"modified":"2020-01-20T16:17:08","modified_gmt":"2020-01-20T21:17:08","slug":"year-end-tax-planning","status":"publish","type":"post","link":"https:\/\/gtm.com\/household\/year-end-tax-planning\/","title":{"rendered":"Year-End Tax Planning for Household Employers"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-5267 img-rounded\" src=\"https:\/\/gtm.com\/household\/wp-content\/uploads\/dv19860031-224x300.jpg\" alt=\"year-end tax planning\" width=\"202\" height=\"270\" \/>The end of 2014 is quickly approaching, so it\u2019s important that everything is in order to ensure there are no surprises when it comes time to pay nanny taxes next year. Year-end tax planning isn\u2019t something to put off or ignore. It\u2019s important to look at your finances and think about any changes you will be making for the rest of 2014 and into early 2015. Some things to consider include:<\/p>\n<ul>\n<li>Adding\/decreasing your employee\u2019s hours during the holiday season<\/li>\n<li>Awarding a year-end bonus<\/li>\n<li>Adjusting salary for 2015<\/li>\n<li>Making note of any <a title=\"2015 Minimum Wage by State\" href=\"\/household\/2015-minimum-wage-by-state\/\" target=\"_blank\" rel=\"noopener noreferrer\">minimum wage increases in your state<\/a><\/li>\n<li>Vacation pay for the holiday season<\/li>\n<\/ul>\n<p>Also note that for 2015, the <a href=\"http:\/\/www.socialsecurity.gov\/OACT\/COLA\/CovThresh.html\" target=\"_blank\" rel=\"noopener noreferrer\">domestic employee coverage threshold<\/a> amount will remain the same as this year &#8211; $1,900; this means that you are required to pay taxes if you pay a nanny at least $1,900 for the year. Make sure you keep accurate records of any changes you make, along with any changes to any federal or state tax and wage laws.<\/p>\n<p>Please download our helpful \u201c<a href=\"https:\/\/gtm.com\/household\/wp-content\/uploads\/year-end-checklist.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Year-End Checklist for Household Employers<\/a>,\u201d and <a href=\"\/household\/contact-us\/\">contact<\/a> GTM Payroll Services at (800) 929-9213 with any questions you might have.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The end of 2014 is quickly approaching, so it\u2019s important that everything is in order to ensure there are no surprises when it comes time to pay nanny taxes next year. Year-end tax planning isn\u2019t something to put off or ignore. It\u2019s important to look at your finances and think about any changes you will [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[75,80],"tags":[31,34,38,40,42,55],"class_list":["post-5265","post","type-post","status-publish","format-standard","hentry","category-household-payroll-taxes","category-tax-wage-laws","tag-household-employer","tag-household-payroll","tag-irs","tag-minimum-wage","tag-nanny-payroll","tag-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Year-End Tax Planning for Household Employers - GTM Payroll<\/title>\n<meta name=\"description\" content=\"Year-end tax planning isn\u2019t something to put off or ignore. 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