• A Tip on Tip Reporting

    A Tip on Tip Reporting

    A Tip on Tip Reporting If you are starting a job with tips involved, you will want to read this. If 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. Keeping a daily tip record Reporting your tips to your employer Recording your tips on your income tax return Recording tip activity Per the

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