If you currently employ a nanny or other household worker, it's important to know that the minimum wage across New York State is going up again. The rate will gradually increase beginning on January 1, 2024. On May 3, 2023, Governor Hochul signed legislation to raise...
From IRS.gov Eight Tax Savers for Parents Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this year. 1. Dependents In most cases, you can claim your child as a...
With remote and hybrid work arrangements becoming more and more prevalent in the business community, many parents now work from home at least some of the time. Generally, in order to claim any home office tax deductions, you must use the space exclusively as your...
If you employ someone to work in your home like a nanny, housekeeper, or in-home senior caregiver, you need to be aware of household employment trends from rising minimum wage rates to increasing domestic worker protections. Our payroll partner, GTM Payroll Services,...
We have previously discussed the idea of guaranteed hours for a nanny. Another aspect of that is banking hours, when a family uses a nanny's guaranteed hours to make up for unworked hours. As our payroll partner GTM Payroll Services discusses, this practice is illegal...
Earlier this year we discussed a new tax reporting rule regarding online payment apps for paying nannies and babysitters. As we prepare for the 2023 tax season, the IRS has just issued a reminder about this new rule. Our payroll partner, GTM Payroll Services, provides...
The nanny tax threshold is the amount of money you pay a nanny or other household employee in a year that requires you to pay employment taxes. The 2023 nanny tax threshold is going up to $2,600. Our payroll partner GTM Payroll Services explains why this is important...
When you hire a full-time nanny, your cost goes beyond just their pay rate. There are many other factors to consider when planning your budget. Our payroll partner GTM Payroll Services provides this look at all the costs you need to be aware of when looking to hire a...
What can happen if you don't comply with household employment laws? It can cost you hundreds of thousands of dollars in fines, penalties, and payment of back wages. Our payroll partner, GTM Payroll Services, gives some recent examples of the importance of household...
