Tuesday, January 11, 2011

Where Do You Get Your Taxes Done?

You Must Have Your W-2 by January 31st

By law, your employer must give you your W-2 form by January 31, 2011. You need the W-2 to fill out your 2010 taxes. Your employer will save a copy, you need to save a copy, and you will need to include copies with both your state and federal taxes.

The W-2 is a tax form prepared by your employer and given to you, (the employee) to be filed with your IRS 1040 form. The W-2 from lists your wages earned during that year, the federal and state taxes that were withheld, and and your Social Security information.

Some nannies prepare their taxes themselves. But, they may be missing beneficial deductions if they don't hire professional help.

Who helps you prepare your taxes? Do you hire an accountant, pay a tax company, or do it yourself?

8 comments:

Anonymous said...

I've used HR Block way too expensive though. I watched carefully and will use inexpensive software from Turbotax or something like that this year instead.

Anonymous said...

Don't get my taxes done. I'm paid under the table. You have less responses today because most nannies don't pay taxes.

Anonymous said...

For all the nannies who are paid under the table...I sure hope you are saving for your retirement years.

WWW.GTM.COM said...

My name is Karen, i am a household representative here at GTM. We specialize in Household employee taxes and payroll. We are a full service company offering not only payroll for your employee but also we will ensure you are in complete compliance with all the tax requirements. We offer a complete year end package including your employees W-2, W-3 as well as your Schedule H. We also have an insurance department that can assit you with any workers compensaiton concerns.Please feel free to visit us online at www.gtm.com

Anonymous said...

Makes me mad to see GTM trying to get in on this topic!
Especially since they have nothing to do with helping NANNIES do their taxes!

I personally would not use GTM.
Main reason being, they are not very nanny friendly.
My past few employers have used them, and when I have called in with a simple question, they told me I am not their client, and told me to have the family call.

I felt this was wrong,and was shocked they could not even give me the courtesy of helping me with simple matters. Especailly since GTM would not even have had the families I worked for as a client, unless I told the family about GTM.

For that reason, (and there are a few others, one being they always try to promote their business and get free adversting (Point in case right here...by posting a little GTM advertisement). GTM really does give back to the nanny community, IMO- without making sure they get something in return- i,e, free self promotion). So I will not recommend GTM ever again.

Anonymous said...

If you don't pay taxes you have no right calling yourself an American citizen!

The reality is people don't save for their retirement or emergency savings when they say the will. Don't you understand you need a record of employment for loans and credit?

Our taxes pay for schools, roads, soldiers and military, disability, and the things we want from our country and government and that we complain about if we don't have.

You don't pay taxes you don't get the benefits of being an American citizen. You don't pay taxes you aren't a legal citizen!

But, if you don't pay taxes you are illegal (no better than an illegal alien) and shouldn't call yourself a citizen.

GTM Marketing Department said...

On behalf of GTM Payroll Services, we were quite saddened to learn of the “Anonymous” posters’ dissatisfaction with our client service policies. The “Anonymous” poster was correct, in that GTM does not handle personal tax returns or services for Nannies, like an H&R Block or other such provider. Those types of personal tax matters should be handled by a financial planner or tax preparation service; which is what all of our clients and their employees are advised.

Due to tax preparation standards, as governed by the IRS, GTM cannot provide the W-2 directly to you, the employee; that information would need to come from your current or former employer. We have been in touch with all clients regarding their employee’s W-2 forms and other year-end tax forms, which will be accessible to employers by mid January. You should contact your current or former employer to confirm when they will be mailing a copy to you.

If GTM’s policies seem strict in regard to releasing information to our clients’ employees, please understand that this practice is to ensure that we are providing our clients, your employers, with the highest-standards of information security available.

With regard to the statement of “not being nanny-friendly”… Although we cannot and will not advise employees of households or businesses, on their personal tax situations, we make every effort to support employees in every profession and walk of life to the fullest extent possible. To that point, we are among a very select group of primary sponsors for professional nanny organizations; regularly donate to professional nanny support groups and events; and with over 20 years of support for the professionalism of the household employment industry, are the only household payroll service provider to offer Nannies online account access to employee self-service features like paystubs, withholdings, W2 information, and much more.

Our virtual door is always open and we sincerely welcome the feedback from our community. Please contact us at marketing@gtm.com if you have questions or would like to learn more.

Katherine Dimacale said...

Thanks for the info, I also found a website where you can search for fillable tax forms http://goo.gl/1fhYK2 it was very easy to use, since you can edit or fill it out online.