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Tax Breaks and Concerns

  • Answers to the Most Frequently Asked Questions About Your Annual Payroll Tax Filings

    HomeWork Solutions, Inc., December 2013 PLEASE NOTE: All Form 1040 and Schedule H line numbers refer to the forms for the tax year 2013. How do I distribute the many copies of Form W-2?First, employee copies must be distributed no later than January 31, 2014. These copies have been separated and inserted into mailing envelopes... Read more »
  • How Does the IRS Calculate Penalties and Interest?

    Late payment of employment taxes will trigger penalties and interest charges to the taxpayer. These notices, particularly from the IRS, are next to impossible to decipher. Here is a quick primer on how the IRS calculates penalties and interest. Statue of Limitations There is NO statue of limitations on the failure to file and report… Read more »

  • Nanny Tax Wage Test Steadily Increases

    HomeWork Solutions, Inc., December 2015 The nanny tax wage test, the minimum amount of wages paid that obligates the household employer for household employment taxes, is $2000 of wages paid to an employee in 2016 (or $1000 paid total in a calendar quarter for FUTA tax). Nanny tax legislation enacted in 1994 dramatically modified the… Read more »

  • How to File and Pay Virginia Withholding Electronically

    The Virginia Department of Revenue is requiring e-filing of employer withholding tax returns and payments. Household employers find that eForms is an easy and intuitive filing scheme. Whether you have little to no computer experience or you are an expert, eForms is the easiest and fastest way to file and pay electronically. You can… •… Read more »

  • IRS Announces Penalties for Incorrect Forms W-2, Wage and Tax Statement

    HomeWork Solutions, Inc., June 2002 The Social Security Administration has been returning forms W-2 with name/number mismatch problems to employers for corrections for the last several years. The Internal Revenue Service announced in May 2002 that they will begin to assess penalties to employers filing Forms W-2 with mismatched names and Social Security numbers. A… Read more »

  • Are there any household employer tax breaks an employer can take advantage of?

    There are two popular household employer tax breaks for families to make care more affordable. A family may only use up to $6000 paid to a nanny or senior caregiver (qualified expenses) in any particular year. These tax breaks are not income-restricted. They do require, however, that both spouses must pass the “work-related expense test.” You… Read more »

  • I have heard that I can get a personal income tax break for child care? Does this apply when I hire a nanny?

    When you hire a nanny you may qualify for a personal income tax break. There are two popular strategies that families with child care expenses use to minimize their personal income taxes. Many families can utilize a dependent care flexible spending plan (cafeteria plan) offered by their employer for child and dependent care expenses. Your… Read more »

  • Do the Nanny Tax rules ever change?

    Yes. The 1995 Federal legislation, the “simplification” of the nanny taxes, began a cascade of changes that continues today. Nanny tax rules alone are not the only regulations the household employer must follow. Numerous changes to federal and state labor laws specifically impact household employers. Federal Employer Identification Number required for all household employers. Reporting may no… Read more »

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