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Michael DiSabatino of Sharp CFO™ offers expert insights to help you unlock your business's full potential by delivering proven strategies for maximizing tax savings, streamlining operations, and driving sustainable growth.

A Tip on Tip Reporting

A Tip on Tip Reporting
I
f you are like millions of taxpayers in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions:

Think 1 2 3

Proper tip reporting has three components.

  1. Keeping a daily tip record
  2. Reporting your tips to your employer
  3. Recording your tips on your income tax return
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