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Have you been using some help around the house? Hiring a babysitter or other house staff could be a luxury or a necessity. Regardless, this activity, under the right circumstances, could affect your taxes. If you hire a babysitter or other house staff, you may need to: Report the amount you paid to this employee to the IRS when you file your taxes. Pay employment taxes, income taxes, and...

Hiring a nanny will impact your life in many ways, including your finances. In addition to the salary you pay your nanny, you are expected to pay a combination of taxes. Neglecting to do so could lead to trouble with the IRS, including large penalties. Commonly referred to as the “nanny tax,” this is nothing more than the taxes you are required to withhold from your employee, as well as the taxes...