This is a sponsored message from GTM
Tax time is stressful enough for families, let alone trying to figure out the deal with nanny taxes you might owe for your regular childcare.
In a nutshell: if you pay your nanny or caregiver more than $2100 each year — that’s less than $200 each month — you’re liable for taxes on your employee.
Compliance can be a huge hassle, since you have to track the pay for your caregiver, pay the taxes, and file the forms. The IRS even estimates that it can take you around 60 hours a year to do everything you need to do to manage the process, and even the best-intentioned employers sometimes end up with mistakes that can cost thousands of dollars in fines and penalties.
Fortunately, GTM makes the entire nanny tax process so much easier and simpler for busy families.
Don’t miss an exclusive discount for CMP readers below
The household employment experts at this respected payroll service can manage absolutely everything, including setting up your nanny as an employee in the first place, scheduling direct deposit payments, filing your taxes electronically, even handling all the year-end tax forms you’ll need to submit.
They can even establish workers’ compensation insurance policy, which your state may require for household employers.
(Do you know if your state does? This is a good time to check!)
And should you want to provide benefits like health insurance or a retirement plan — a surefire way to attract the best, most qualified candidates to take care of your kids — GTM can take those responsibilities off your plate too. They even offer concierge-level service if you need help with nanny tax questions throughout the year.
Here’s to one less super-time consuming (and wildly stressful!) thing for parents to worry about.
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and you’ll get the $95 setup absolutely free.
This has been a sponsored message from GTM Payroll Services.