Paying under the table is 100x better than the tax deduction, for both of you...
Holy shit...that's just insane. I have a 2yr old and a 9mo old and they're just over $500 a month each at a very nice daycare...a good friend of mine has a nanny and pays her just shy of $1500 a month for his two kids and she won't ask for more if they have another. It kills me how some locations can get away with charging so much more, I doubt they're paying their staff any better...maybe poach a staff member at your daycare, bet you could offer them more than they make and still pay less than the daycareGoing rates in my area are 1100-$1300 a month for a single infant for a place that isn't a total shit hole. Luckily I have a place near my wife's office that has an employer subsidy of about $400 a month that we can take advantage of. But even with that I'm paying almost $1500 a month for a 4 year old and an infant. Unsubidized or at another daycare of similar quality at it would be closer to $2100 a month.
We *HIGHLY* considered and were temped by a nanny. But with the horror story friends of ours had, we just didn't want to dealt with the hastle. Again, YMMV and different areas may have a much better nanny pool to chose from. It's just not a very common thing where I'm at.
It's not just the taxes you would pay but the person takes a lower amount since they don't pay taxes on it either...that's the big benefit.You sure about that? I'm pretty sure I would get more back from a deduction than I would pay in employer-paid taxes. Even if we manage to fall in a much lower bracket this year due to the maternity leave, I don't see anything worse than breaking even.
I'd say that's cheap at ~$10/hour. And for her, she'd have 5 kids in a group care facility and make the same hourly rate.We will be paying about $980 a month for 2 month old and a 2.5 year old. Keep in mind this is only part time. Nanny will only be doing 25 hours a week tops.
The added convenience of not having to drop off/pick up kids every day is well worth it.
We can also deduct the cost of feeding the nanny lunch every day, more win.
It's not just the taxes you would pay but the person takes a lower amount since they don't pay taxes on it either...that's the big benefit.
Hire hot au pair from Poland for $300 or so/week.
nope. i work there. according to my logs, you've only used 72 gigs in July. We start referring to mental health providers at 150 gigs, so you have a ways to go.
I looked into that..errr...service? The whole system just seems shady as hell. But then again I'm not sure the wife would be real happy in the first place bringing in some hot piece of eastern block ass into the house and having her live with us full time.
Hire a hot foreign exchange student and pay her with 3-ways with your wife.
If your wife is going back to medical school somebody is going to have to fill in for her...
She will need to be filing taxes on that income as well for it all to work out as claimable by you.
As long as we pay her via 1099, or whatever legit method, I could care less if she claimed it or not.
It's her audit, not mine.
Slippery slope with her being a privateer. You don't want to be in the middle of her going on record saying 'you told her' not to file and create an audit (you'd more than likely come out ok) against you as well.
As long as we pay her via 1099, or whatever legit method, I could care less if she claimed it or not.
It's her audit, not mine.
Hire a hot foreign exchange student and pay her with 3-ways with your wife.... .
Still wouldn't be my problem, her taxes are her responsibility. I am not a CPA and did not put my signature on her taxes. Any advice she "allegedly" got from me is meaningless.
Crazy that people let a stranger into their household AND pay them to watch their kids
Scary
I looked into that..errr...service? The whole system just seems shady as hell. But then again I'm not sure the wife would be real happy in the first place bringing in some hot piece of eastern block ass into the house and having her live with us full time.