You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper or other household employee (who isn’t an independent contractor) may make you liable for federal income tax, Social Security and Medicare (FICA) tax and federal unemployment tax. You may also have state tax obligations. In 2019, you must withhold and pay FICA taxes if your worker earns cash wages of $2,100 or more. You pay household worker obligations by increasing your quarterly estimated tax payments or increasing withholding from wages, rather than making a lump-sum payment. Employment taxes are then reported on your tax return. Contact us for assistance.
As in the for-profit world, sometimes not-for-profits need to spend money to make money. This is particularly true when it comes to fundraisers. At...
In today’s global economy, aggressive cross-border tax strategies expose investors and other stakeholders to potential risks. The Financial Accountability & Corporate Transparency (FACT) Coalition...
Are you a volunteer who works for charity? You may be entitled to some tax breaks if you itemize deductions on your tax return....