Nanny Tax Tip for Household Employers from Breedlove & Associates:

 
Maximize your nanny’s take home pay and minimize your employer tax.

Households can offer certain benefits to their employee and have them be considered non-taxable compensation (no taxes for employer or employee).  The IRS-approved benefits for households are:

  • Health Insurance premiums from a state-licensed insurance provider;
  • Up to $5,250 per year towards tuition & books for an accredited college or university.
  • Up to $125 per month toward public transportation to and from the worksite;
  • Up to $240 per month towards parking (at the jobsite and/or at the public transportation facility).

Strategically-structured payroll can save you and your employee a considerable amount of money each year.  To learn more about non-taxable compensation and how to take advantage of it, contact Breedlove & Associates.

 


Cambridge Nanny Group
4707 N Broadway
3rd Floor
Chicago, IL 60640
Telephone: 773-856-5525 

Website: www.cambridgenannygroup.com
Facebook: http://www.facebook.com/cambridgenanny
Twitter: http://twitter.com/nanny_cambridge