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    jennyann726's Avatar
    jennyann726 Posts: 8, Reputation: 1
    New Member
    		  
    #1

    Nov 5, 2007, 12:27 PM
    Paying Taxes Properly as a nanny
    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's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    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's Avatar
    danielnoahsmommy Posts: 2,506, Reputation: 297
    Ultra Member
    		  
    #3

    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    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.
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