Helping people understand their responsibilities when it comes to tax compliance is a big part of what we do. There are a lot of grey areas where people can falter. One of these is in understanding how to go about reporting tips.
There’s a few thoughts on the subject.
What Tips Are
The IRS has a complete and thorough inventory of what these cash payments are. It’s important to keep in mind that whether the tip is cash or non-cash, it is subject to federal income tax. Not everybody understands that tips can include non-cash items like tickets.
It’s important to remember too waitresses and waiters are responsible for declaring all of their cash trips to the employer. If you ever have any questions about what tips are and what they are not, we are here to help.
Our staff of highly trained professionals understands all the nuances around this and a lot of other tax compliance issues. We have a team of tax resolution specialists with the kind of experience that should put your mind at ease.
One of the things that we do here is make sure that each and every employee understands their responsibility when it comes to tips. Keeping a daily record is one of the first priorities. Keep in mind that even things that are considered non-cash items like tickets need to be reported on your individual tax returns.
Reporting to Your Boss
As you might have already guessed, there’s lots of rules around tips and when and where you should report them. For example, we can help you understand when you need to report these tips to your employer.
There’s even a whole other set of rules pertaining to service charges and other monies that you might get.
We have testimonials on our website from people just like you. Not everyone understands how to go about filing your taxes properly and that’s why we are here to help. We are a team of professionals who are dedicated to 100% client satisfaction.
Our priority is helping each and every one of our clients navigate the tax landscape successfully. Making sure your interests come first is what we are dedicated to. Where tips are concerned, we want to be your one-stop shop and informational resource for the kind of tax help you need.
Tax compliance is a serious endeavor and we are the professionals that can guide you through it.