Tag: nanny taxes

Parents & Nannies! How To Save Money On Your 2022 Taxes + Changes for 2023

Posted on by Admin Team

 

Tax season has a way of sneaking up on everyone, and before you sit down with the dreaded Form 1040, it helps to know exactly where you can save. That’s why we teamed up with Tom Breedlove from Homepay, one of the most popular nanny payroll companies in the United States, to break down everything you need to know.

Below, we cover how to save money on your 2022 taxes as well as the changes you need to be aware of if you are a nanny or a family working with a nanny in 2023. There are several tax breaks that can add up to real savings for your household, and we want to make sure you don’t leave money on the table.

Continue reading “Parents & Nannies! How To Save Money On Your 2022 Taxes + Changes for 2023” →

Watch This Before Filing Your Taxes! Nanny Tax Breaks (2021 and 2022)

Posted on by Admin Team

 

With the federal tax filing deadline just a few days away, don’t miss out on these money-saving tax breaks if you worked with a nanny in 2021 or are currently with a nanny in 2022!

To help your family save money on your 2021 taxes and understand what changes might affect you for the 2022 tax year, we sat down with Tom Breedlove, Senior Director of Homepay.

Below, we cover:

– Child Tax Credit

– Child Care Tax Credit

– Build Back Better Act

– Dependent Care Flexible Spending Account (FSA)

– Who qualifies for these tax breaks

Did you know you can get a tax break if your kids attend summer camp (i.e. sports, Lego, Minecraft camps)? There are several tax breaks many families don’t realize could help them save money on their 2021 taxes.

If you would like to talk to the HomePay team or sign up for their highly rated payroll services, click here. Sign up today and your first month is FREE!

Nannies – the HomePay team can answer any questions that you have as well.

Continue reading “Watch This Before Filing Your Taxes! Nanny Tax Breaks (2021 and 2022)” →

New Payroll Tax That WILL Affect You! November 1, 2021 Deadline 📆

Posted on by Admin Team

There is a new payroll tax we want to make you aware of. This tax affects both nannies and parents.

Nannies – if you work in Washington state, you are responsible for paying this new tax starting January 1, 2022… BUT you must take action by November 1, 2021.

Parents – while you are not responsible for paying this tax, you do need to collect and remit the tax to the Employment Security Department.

Below, we break down the new Washington Cares Act with insight from Tom Breedlove – Senior Director of HomePay. HomePay is the nation’s leading payroll company. They are amazing to work with and we recommend them to all of our members!

The Washington Cares Act payroll tax will provide employees with up to $36,500 in long term care benefits.

We cover what the Washington Cares Act is, what it does, how to navigate it, and how it affects employees (nannies) and employers (parents).

Parents – if you would like HomePay to handle paying your nanny and taking care of all of the forms, taxes, deadlines, etc. (including this new payroll tax), please click here.

Learn more about the Washington Cares Act by clicking here.

Continue reading “New Payroll Tax That WILL Affect You! November 1, 2021 Deadline 📆” →

Video Blog: How Much Does Nanny Care TRULY Cost? 💰

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If you’re starting to think about nanny care, or considering switching from a temporary/short term nanny to a full time nanny, understanding the true cost is one of the most important steps you can take.

Too often, families only focus on the hourly wage when thinking about a budget for a nanny. In this article, we break down every expense that is associated with hiring and employing a nanny, so you can plan with confidence.

Below, we walk you through:

  • The costs to search for a nanny
  • All details of what nannies expect in a “compensation package”

Continue reading “Video Blog: How Much Does Nanny Care TRULY Cost? 💰” →

Video Blog: Top 10 Questions Answered About Working With A Nanny: Part 2 🤨

Posted on by Admin Team

 

This is Part 2 of our guide, “Top 10 Questions Answered About Working With A Nanny.” It’s designed to be super helpful for families thinking about hiring a nanny this summer or when school starts in the fall.

Click here to check out Part 1.

Every month our team speaks with dozens of parents who are thinking about working with a nanny (last month alone, we spoke with almost 200 parents!). We’ve been compiling a list of their questions, and here is the second part of our series, “Top 10 Questions Answered About Working With A Nanny.”

Some of the questions that we answer here are:

How do I pay my nanny? Over the table? Or under the table in cash?

What are nanny taxes?

What are the most common job responsibilities for a nanny?

Can I ask my nanny to do household chores?

What standard benefits should I offer a nanny?

Continue reading “Video Blog: Top 10 Questions Answered About Working With A Nanny: Part 2 🤨” →

Hiring A Nanny Payroll Company vs. Handling Payroll Yourself

Posted on by Admin Team

 

So you found the right nanny, verified their background check is clear and they have accepted your offer. Congratulations! You’re almost done!

While it may seem that the hard work is behind you, there is one more important decision for you and your family to make: do you hire a nanny payroll company to take care of paying your nanny or do you handle payroll yourself?

nanny payroll company

This critical decision can be the difference between hours of frustration and scrambling or a turn key solution which only requires a few minutes of your time each month. In this guide, we’ll walk you through what’s actually involved in paying your nanny and weigh the pros and cons of each approach, so you can decide what’s right for your family.

First, let’s get this out of the way…

Continue reading “Hiring A Nanny Payroll Company vs. Handling Payroll Yourself” →