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The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees
If you employ a household worker who isn’t an independent contractor, you may be required to pay employment taxes on the worker’s cash wages. This is commonly referred to as the “nanny tax.” In 2024, when a household employee’s cash wages reach at least $2,700, you...
Tax Breaks for Teachers and Educators
It's almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses....
The Difference Between a Hobby and a Business
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the...

