Nanny Tax Rules: Does It Apply To You?

Hiring a babysitter, or nanny, is a great way to have in-home care for your kids while you’re working, running errands, or doing whatever it is that you need to do sans-children. What you may not know is that the IRS sometimes considers these caregivers to be “household employees”, and therefore requires employment taxes (or …

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Can I Have Multiple 401k Profit-Sharing Plan Accounts?

Most professionals only have one job. But it’s becoming increasingly common for Americans to have separate income streams. If you have two or more employers, this can mean having two separate retirement accounts. It’s legal to have multiple 401k accounts. In fact, in a select few professions, it’s quite common. But there are limiting factors …

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Want A Tax-Free Roth Conversion While Donating To Charity? Here’s How!

Before 2010, most people could not afford to convert an IRA into a Roth IRA. After 2010, the income restrictions that stopped them from doing so were scrapped. But one thing that hasn’t changed is that Roth IRA contributions typically trigger a taxable event. There are few ways of getting around this taxable event: IRA …

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When Do I Need To Issue Form 1099?

Freelancing and independent contracting are becoming more common. Many of the most specific tasks that need to be done are given to these workers. Developers creating apps are just one example of the huge freelance economy. Small businesses and startups often hire contractors and freelancers at some point. Freelancing and contracting provide many unique benefits …

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Job Duties for Your Child

Below are starting ideas for jobs a minor can perform. Of course, some jobs are dependent on age and skills. Some jobs are a great way of learning new skills that can be applied to their education! Janitor – cleaning, emptying trash, etc Scan receipts and save them in digital format (google drive, dropbox, etc)  …

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