Skip to main content

Insights from the Fastlane

Blog

Michael DiSabatino of Sharp CFO™ shares 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.

The information provided on this site is for general informational purposes only and should not be construed as professional financial, tax, or legal advice. For advice tailored to your specific situation, we recommend consulting with a qualified professional.

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
Continue reading
0
  69585 Hits