View Full Version : Paying Taxes Properly as a nanny
jennyann726
Nov 5, 2007, 12:27 PM
I am a nanny working for a family who does not take taxes out of my paycheck. How do I properly pay my taxes and what forms will I need?
excon
Nov 5, 2007, 12:34 PM
Hello j:
In addition to your 1040 form, you'll need to fill out a schedule "C". Do this after January 31, 2008 and before April 15. IF there's an amount due on your 1040 form, send a check along with your return.
Simple, really.
excon
danielnoahsmommy
Nov 5, 2007, 12:36 PM
Also since you will be filing a schedule c keep all receipts of money you have spent on this "business" anything aout of pocket. Ex. Gas receipts
AtlantaTaxExpert
Nov 5, 2007, 02:42 PM
I wish it were that simple, but it is NOT.
Your employer may decide to deal with this by filing Schedule H with their annual tax return.
If so, you need to wait until that is done, because they will then generate a W-2 for you to use when you file your tax return.
If they do NOT file the Schedule H, but instead give you're a Form 1099-MISC, then (and only then) will you file a Schedule C AND a Schedule SE. Keep the receipts as advised, but note that your transportation expenses to and from thefamily's home are COMMUTING expenses, which are NEVER deductible.
I strong suggest you sit down with your employer and talk this over with him/her, because if they go the Form 1099-MISC route, you will end owing a rather large tax bill come April 15th, 2008.