Hard to believe 2018 is less than two weeks away! Now is a good time to ensure that everything is in order so there are no surprises when it comes time to pay your nanny taxes next year. Don’t put off or ignore your 2017 year-end tax planning; look at your finances and think about any changes you will be making for the rest of this year and into early 2018. Some things to consider include:
- Adding/decreasing your employee’s hours during the holiday season
- Awarding a year-end bonus
- Adjusting salary for 2018
- Making note of the new minimum wage in New York
- Vacation pay for the holiday season
The domestic employee coverage threshold amount will rise to $2,100 for 2018; this means that you are required to pay taxes if you pay a nanny at least $2,100 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.
Contact us at (518) 348-0400 if you have any questions or need more information.