Simplifying Your Household Finances: Bookkeeping for Small Business Owners

Running a house is no minor accomplishment. It’s similar to running a business. There are various duties and responsibilities to maintain. And at times, it can be overwhelming. That’s when hiring household staff can be a big help! LP Accounting and Bookkeeping Services LLC can help you simplify this process.

Our area of expertise is household employee services. We can ensure all administrative and financial details of running your domestic household personnel are handled properly. Here is a comprehensive view of how LP Accounting and Bookkeeping Services LLC can contribute to managing and overseeing household staff.

Our Comprehensive Household Employee Services

1.Payroll Processing

Handling payroll is complex, especially when it comes to household employees. Our services include:

• Calculating and paying wages, including overtime and benefits.
• Withholding federal, state, and local taxes.
• Filing payroll tax returns to ensure compliance with regulations.

2.Tax Compliance

Involves understanding and adhering to tax laws for household employees:

• Ensure you comply with all federal, state, and local tax requirements.
• Help you navigate household employment taxes, often called the “nanny tax.”
• File the necessary forms to remain compliant.

3.Worker’s Compensation Insurance

Protecting your household and employees is essential. We assist in:

• Obtaining the appropriate workers’ compensation insurance.
• Ensuring coverage meets state-specific requirements.

4.Recordkeeping

Accurate recordkeeping is critical for both financial transparency and compliance. We maintain:

• Detailed records of employee hours, wages, and tax filings.
• Documentation to ensure you’re prepared for any audits or inquiries.

Benefits of Using Our Household Employee Services

Peace of Mind

Dealing with household staff carries financial and legal obligations. By entrusting these tasks to our professionals, you can rest assured that everything will be handled properly.

Time Savings

By outsourcing the administrative responsibilities of household employees, tax filings, and payroll can free your time so you can concentrate on the family.

Compliance

With our professional guidance, we ensure compliance with all applicable laws and regulations.

Professional Support

Our staff is available to answer any questions you may have and provide support.