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.
If you’re getting close to retirement age, you may be wondering if your Social Security benefits are going to be taxed. The answer depends...
Nonprofit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions. But your association doesn’t qualify for tax-exempt...
If you send all of your not-for-profit’s email communications to every donor, volunteer, corporate sponsor and media member, some are likely to tune out...