Are nanny tax and insurance expenses deductable?
Answer:
You can deduct child care expenses on your personal tax return, form 2441. It is not a business expense.
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I know that certain health insurance premiums are deductable but what the hell is a nanny tax?!
See your accountant. I suspect most if not all of these are income deductable from your personal income. As for business expences I doubt that is allowed.
But as I said see your accountant. He/she will know the answers you need.
All taxes are tax deductible. If you pay income tax, sales tax, corporate tax, it's all deductible. You should be getting a check within the next ten business days.
All of these expenses may be deductible as child care expenses. If you can afford a nanny you should also be able to afford a tax professional who will assist you. There are rules about what portion of the cost of a domestic that can be deducted as child care expenses and it would be advantageous to discuss that with a knowledgeable person.
No because you have no "business" producing income at home. These expenses do qualify for child care credit as mentioned above. If employee does any nursing for old taxpayer a portion could be taken as medical expenses.
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