by Breedlove & Associates
Good news for families who contribute to their professional nanny/ employee’s health insurance premiums. In addition to being a non-taxable form of compensation (no taxes for you or her on that portion of her wages), the IRS has just announced that most household employers will be eligible to take the Health Insurance Tax Credit for Small Employers. This legislation allows families to itemize their contributions (up to the average annual premium amount which varies by state) and then take a 35% tax credit.
For example, if you contributed $350 per month to your employee’s health insurance policy, your tax bill would be reduced by $1,470.
There are important details and nuances by state. Please call 888-273-3356 if you’d like more details.
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Howdy! I could have sworn I’ve been to your blog before but after going through many of the posts I realized it’s new to me.
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