Knowledge Center

Senior Care Employers

• Costs of Senior Home Care

  More families are considering the possibility of privately hiring senior home care for someone it their family as a way to help their loved ones age in place in a safe and happy environment. This is uncharted territory for most people, and adult children who may have hired nannies to care for their children years... Read more »

• Duties of a Companion Senior Caregiver

  Whether a senior caregiver is governed by Federal and State minimum wage and overtime laws hinges on two key elements. Who is the employer? What are the duties in the senior companion caregiver job description? Employment law, wage and hour law, and payroll tax requirements for privately employed companion senior caregivers (whether direct hire or… Read more »

• Guide to Privately Hiring Senior Home Care

  Families of aging seniors are confronted with many choices as they navigate options to help maintain a healthy and productive life for elderly family members.  Home safety, medication management and transportation are key concerns for every family facing the naturally changing capacities seniors face as they age.  In fact, according to the Congressional Budget Office,… Read more »

• Home Care vs. Nursing Homes

  Taking care of your parents as they age is a reflection of the bond you've developed throughout your lifetime. Depending on their health conditions, Mom or Dad might need constant assistance to help manage everyday tasks. Though in-home care and moving your loved ones to a nursing home are both suitable care options, you'll need... Read more »

• Household Employees: Understanding the Rules

  If you employ domestic workers like nannies, housekeepers, senior caregivers, private chefs or other in-home staff, it’s important to understand your responsibilities as a household employer and properly classify workers as household employees vs. independent contractors. Determining Employee vs Independent Contractor The Department of Labor recently updated its guidance on classifying workers, looking at factors… Read more »

• Household Employment: Schedule H vs. 941

  Household employers file and pay the exact same employment taxes as commercial employers do. The IRS established the Form 1040 Schedule H in 1995 to simplify and streamline the household payroll tax reporting. Often times, however, the household employer or their CPA are confused about the proper reporting and begin filing quarterly form 941 for… Read more »

• How Do You Manage Trustee Risks with Private Caregivers?

  As a trustee, do you manage or issue payroll to a beneficiary’s caregiver?  This type of employment situation requires that you understand and recognize the importance of legal and tax obligations that this brings to the trust as well as you as the individual trustee. If you’re the trustee, you’re automatically held to a high standard... Read more »

• Nanny Tax Deductions for Household Employers

  As a family with household employees like a nanny, private senior caregiver, housekeeper or other domestic workers, you may be eligible for several tax deductions related to their employment costs. Taking advantage of these nanny tax deductions for household employers can provide substantial tax savings. Dependent Care Account If your family has a Dependent Care… Read more »

• Senior Home Care: How Financial Professionals can Advise Clients

  State of senior home care Senior home care is a hot topic these days with aging Baby Boomers and the challenges of finding appropriate care for loved ones. More and more families today are looking to hire in-home health care workers to assist with aging parents that are living with ailments or facing serious mental… Read more »

• State Overtime Rules Senior Care Companions

  Today's retired seniors by an overwhelming 9:1 ratio fully expect to "age in place," staying in their private homes as long as they can and resisting moves to institutionalized settings. Increasingly these seniors private hire senior caregivers who help with mobility challenges, transportation and general household activities as a way to stay in their homes.... Read more »