April 9, 2012
If you and another family employ a nanny in a NannyShare or CareShare situation, the state and federal tax agencies consider each family to be a separate employer.
That means each family has separate "nanny tax" obligations on their portion of the wages. But, it also means each family is entitled to tax breaks on their portion of the wages. Many families are pleasantly surprised to learn that their savings from the childcare tax breaks are greater than their employer taxes -- this is especially true in NannyShare, part-time and summer nanny situations.
To calculate your savings, enter your portion of the nanny's wages into our free Employer Budget Calculator.
October 11, 2011
With the tough economy, many families are considering a NannyShare or CareShare arrangement as a way to save money. There's no doubt about it, it's a great way to make childcare much more affordable.
But, there are some special legal and tax considerations both families should be aware of before you get started. To save money and eliminate risk, visit our Expert Advice page on NannyShares.
January 28, 2011
NannyShares or CareShares have become popular with families who are willing to sacrifice some flexibility in exchange for lower costs. In addition to splitting the wages, families are also able to split the employer tax costs.
When set up correctly, both families are also able to take advantage of the tax breaks for childcare expenses, which usually more than offset the employer tax cost.
For an estimate of your tax costs and tax breaks, visit our free Employer Budget Calculator or give us a quick call.