100: Hiring a Nanny; What You Need to Know!

Finding and hiring a nanny can sometimes be a challenge. Handling the taxes does not need to be. Tune in to learn how to setup payroll, be compliant with tax laws, protect yourself, and have peace of mind.  Luis is the founder of Build a Better Financial Future LLC. He came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City Luis noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education. 

From participating as an FPA NexGen ambassador/host, and being a CFP Board Ambassador, Luis uses his platform to help spread financial literacy via media outreach as well as encourage younger and diverse planners to join and thrive in the profession.

He is the host of the “On My Way to Wealth” podcast, co-founder of the BlatinX (BLX) Internship Program and LatinXcellence – an initiative that seeks to bring awareness to and help close the wealth gap in the LatinX community.  Luis was named one of InvestmentNews 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch, as well as Investopedia Top 100 Financial Advisors in 2020. 

Notes:

In this episode, Luis talks about the following and more:

How to set yourself up as an employer and setup payroll The tax forms that need to be filed when you’re a household employer The tax benefits of paying your nanny on the books Additional benefits that provide peace of mind and protection to you and your household employee

Resources:

Download the 3 Fundamental “Money Moves” to Make Before Turning 45 LatinXcellence, more than a brand, it’s a movement! IRS Household Employer’s Tax Guide IRS Employer Identification Number (EIN) Online IRS Schedule H – Household Employment Taxes Luis’ LinkedIn Luis’ Twitter Luis’ IG