When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. The laws related to domestic workers are confusing and poorly understood, but ignoring them can land you in hot water—even decades from now. Over the years, there have been news stories about political appointees and others who got… Continue reading

Do you owe self-employment (SE) tax on nonwage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here’s what you should know if you earn income from “irregular” sources. What Is SE Tax? SE tax is the way the U.S.Treasury… Continue reading

Health Savings Accounts (HSAs) are a tax-smart way to cover an individual’s uninsured medical expenses. Your business can set up HSAs for qualifying employees. Then the business can fully or partially fund the accounts or let employees fund them with salary-reduction contributions. While it’s too late to add HSAs to your benefits package for 2019,… Continue reading