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Reporting Tip Income: The Basics

Reporting Tip Income: The Basics
The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips:Taxable income. Tips are subject to federal…
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New Tax Law Effects Tax-Exempt Organizations

New Tax Law Effects Tax-Exempt Organizations
The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations' current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law changes might affect them. With this in mind, let's take a look at three key pieces of…
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Form 8962: Reconciling the Premium Tax Credit

Form 8962: Reconciling the Premium Tax Credit
Form 8962, Premium Tax Credit, reconciles 2019 advance payments of the premium tax credit and may also effect a taxpayer's ability to get advance payments of the premium tax credit or cost-sharing reductions. Taxpayers who don't file and reconcile their 2019 advance credit payments may not be eligible for advance payments of the premium tax…
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Tax Treatment of State and Local Tax Refunds

Tax Treatment of State and Local Tax Refunds
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers. The limit applies to tax years 2018 to 2025.As in prior years, if a taxpayer chose the standard…
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