Tag: IRS

New 2016 Mileage Rates

By A New England Nanny 34 1

The 2016 standard mileage rate has been announced by the IRS. This rate is used to calculate the deductible costs of driving a vehicle for business. This applies to household employers who choose to let their nanny or other household employee use their car for performing their job duties. Beginning on Jan. 1, 2016, the […]

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Nanny Tax Threshold for 2016

By A New England Nanny 19 0

The Social Security Administration (SSA) announced yesterday that the nanny tax threshold for 2016 will increase to $2,000, up from $1,900 this year. This affects all employers of domestic workers – if you pay your employee at least $2,000 in 2016, you are required to pay Social Security and Medicare taxes (also known as FICA […]

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Benefits of Nanny Tax Compliance

By A New England Nanny 24 1

While it may be tempting to pay your nanny or other household employee “off the books,” the benefits of being compliant with tax and labor laws far outweigh the risks of not following the law. Plus you’ll have peace of mind knowing you are adhering to your requirements as an employer. And you aren’t the […]

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IRS Publications for Homeowners

By A New England Nanny 25 0

Here is a library of IRS publications for homeowners, covering many issues of concern. Title Publication Number Description Home Mortgage Interest Deduction 936 Includes general information on home mortgage interest, including points, how to report deductible interest and limits on your deduction. Selling Your Home 523 Covers the rules for excluding from income any gain up to […]

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Eight Steps to a Successful Nanny Share

By A New England Nanny 28 0

Thinking about participating in a nanny share with another family? In a nanny share, the nanny cares for the children of two or more families at the same time. This arrangement can help you save money and maintain your flexibility with child care. Your children will still receive individual attention from the nanny and get […]

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Mileage Reimbursement Rules for Household Employers

By A New England Nanny 33 0

Before a family hires a nanny, the nanny’s compensation should be discussed and detailed fully, including any mileage reimbursement that may occur. Mileage reimbursement rules apply to household employers who choose to let their nanny or other household employee use their personal car for performing their job duties. This includes running errands, picking up and […]

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Top Ten Ways to Save on Taxes This Summer

By A New England Nanny 25 0

After a brutal winter in many parts of the country, summer is finally here. While you’re enjoying the warmer weather, it’s still important to remain diligent about business and personal tax planning, especially if you are a household employer. Nannies, housekeepers, and senior care providers, among other employees, cost money. Luckily there are some great […]

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Is My Nanny an Independent Contractor?

By A New England Nanny 22 (2) Comments

“Worker classification” refers to whether a worker is classified as an employee or an independent contractor for federal and state employment tax purposes. Employers need to recognize the difference between these two classifications, because the employer’s tax requirements are contingent on whether the professional is working for the employer or is actually working for him […]

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Deducting Job-Related Moving Expenses

By A New England Nanny 19 0

As the weather and economy continue to warm up, employers around the country may be looking to hire more workers, including some already employed at high-paying jobs. If you go to work for a new firm, or your current employer transfers you to a different branch, you may qualify for deducting job-related moving expenses – […]

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