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HomeWork Solutions, Inc., December 2023 PLEASE NOTE: All Form 1040 and Schedule H line numbers refer to the forms for the tax year 2023 in these annual payroll tax filings
Knowledge Center Category: Tax Breaks and Concerns
American Rescue Plan act of 2021 Tax Incentives for Household Employers & Employees
Never been a Better Time to Put Your Household Employees on Books The American Rescue Plan Act of 2021 was passed on March 11, 2021 and offers much-needed financial relief
How Does the IRS Calculate Penalties and Interest?
Late payment of employment taxes will trigger penalties and interest charges to the taxpayer. The notices for an IRS late tax penalty are next to impossible to decipher. Statute of
IRS Announces Penalties for Incorrect Forms W-2, Wage, and Tax Statement
Household employers will incur significant incorrect Form W-2 penalties if there are name and Social Security number mismatch problems. The Social Security Administration returns incorrect forms W-2 (name and Social
How to File and Pay Virginia Withholding Electronically
The Virginia Department of Revenue is requiring e-filing of employer withholding tax returns and payments. Here are some tips for filing and paying the Virginia employer withholding tax. Household employers find
Are there any household employer tax breaks an employer can take advantage of?
What Household Employer Tax Breaks Can Families Leverage? There are two popular household employer tax breaks for families to make care more affordable. A family may only use up to
I have heard that I may qualify for childcare related personal income tax breaks? Does this apply when I hire a nanny?
When you hire a nanny you may qualify for a childcare related personal income tax breaks. There are two popular strategies that families with child care expenses use to minimize
Nanny Tax Wage Test Steadily Increases
The nanny tax wage test, the minimum amount of wages paid that obligates the household employer for household employment taxes, is $3,000 of wages paid to an employee in the
Answers to the Most Frequently Asked Questions About Your Annual Payroll Tax Filings
How do I distribute Form W-2 to my employee? Complete and Essential Payroll Clients: Your Employee W-2 forms are available for distribution in your eFiling Cabinet. Alternately, your employee may access
Do the Nanny Tax rules ever change?
Yes. The 1995 Federal legislation, the “simplification” of the nanny tax rules, began a cascade of changes that continues today. Nanny tax rules alone are not the only regulations the