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Why Pay Nanny Taxes?
January 5, 2011In spite of all the prominent people that have had big consequences for not paying nanny taxes, compliance still remains low. What does a family get out of paying their nanny tax?
- Peace of mind. You don’t have to worry about an audit or a disgruntled nanny turning you in.
- Feel good about yourself. Your nanny gives your family so much. Help her out by paying into her Social Security and unemployment and disability insurance.
- The cost is lower than you might think with tax credits and flexible spending accounts
- It’s so easy. A service like Breedlove & Associates takes care of everything and the cost is very reasonable.
So, go ahead and get your new year off to a good start and start paying your nanny taxes!
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we’ve used Breedlove for a few years now and LOVE them, they take all the guesswork out of taxes and we’re always confident everything will be taken care of correctly the first time around!
Thank you for posting this!! As a nanny, I can tell you it makes SUCH a difference when your employer is not just willing but proactive in handling the taxes!
My husband and I tried our hardest to navigate taxes on our own one year and it was a disaster – we had NO idea what we were doing. After that we handed everything over to Breedlove and haven’t looked back since!
i think a lot of nannies don’t realize the benefit to having taxes withdrawn from their checks, but having that money taken out is worth way more than having a bigger paycheck – especially if you find yourself without a job and need to collect unemployment!
are the repercussions for not paying taxes that serious?
Hi Patty!
Yes, the consequences for not paying taxes can potentially be very serious. According to the IRS, if you’re caught not paying your nanny taxes, it can be considered tax evasion, which is a felony. Aside from that, if your nanny is ever let go and files for unemployment benefits, the state will know immediately if you’ve been paying taxes or not because they’ll look for your tax record. If nothing is found, there is a good chance you’ll be audited and forced to pay back taxes plus penalties and interest. It’s not a fun situation to be in at all.