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Reporting Tip Income: Everything you should know

Reporting Tip Income: Everything you should know

All workers and employers in the service industries where tips occur should abide by the relevant tax rules. One needs to pay income tax, Medicare tax, and Social security taxes on...

Posted by Jim McClaflin, EA, NTPI Fellow on 04/09/2021

Grimes IA Tax Pro for Reporting Tip Income Tax Preparer for Tip Income Income Tax Medicare Tax Social Security Tax Tips Gross Income Employer FICA Form 941 W2 Tips Allocated Form 8027 Food or Beverage
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What is the Difference Between IRS Forms 1040-A, 1040-EZ & 1040?

What is the Difference Between IRS Forms 1040-A, 1040-EZ & 1040?

If you need to file for an individual federal income tax return, you will now use the IRS Form 1040 or 1040-SR for Seniors. The other alternatives above: Forms 1040A and 1040EZ ended...

Posted by Taxes Made EZ Inc on 04/09/2021

Blackwood NJ Tax Pro for IRS Forms 1040 1040-A 1040-EZ 1040-SR Fiscal Year Tax Credits Itemize Deductions Investments Properties Trust Taxable Income S Corp Partnership Savings IRA AMT Wages Tips Dividend Fund EITC Chapter 11 W-2
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Tax Tips for Your Cannabis Business

Tax Tips for Your Cannabis Business

A cannabis business can typically expect a series of scrutiny from the IRS that will want to penalize them if they are not compliant. Here are tips that can help your marijuana business...

Posted by Pat Raskob on 03/18/2021

Tucson AZ Tax Pro for Cannabis Business Tax Preparer for Cannabis Business Cash Accrual COGS Cannabis Marijuana Federal government Write-Offs Tax Code 280E Schedule 1 Drug
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Essential Tax Tips for Money Generating Hobbies

Essential Tax Tips for Money Generating Hobbies

Many people have hobbies like playing the piano or bead making simply for fun and do not expect any special monetary compensation from it.   Some hobbies might require a couple...

Posted by KLSM CPA Firm PLLC on 03/17/2021

Houston TX Tax Pro for Money generating Hobbies Tax Preparer for Hobby Income Money Generating Hobbies IRS Ecommerce Ordinary Expenses Hobby Standard Deduction Itemized Deduction Schedule C
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Taxable vs. Non-taxable Income

Taxable vs. Non-taxable Income

Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...

Posted by Elliot Kravitz, ATP on 03/17/2021

Cincinnati OH Tax Pro for taxable Income Tax Preparer for Non-Taxable Income Wages Tips Goods Services Gross Income Investment Self Employed Life Insurance Alimony Form 1040 Child Support Donations Welfare Benefits Form 1099-G Barter Exc
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FICA Tip Credit Helps Businesses That Pay Taxes on Employee Tips

FICA Tip Credit Helps Businesses That Pay Taxes on Employee Tips

Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...

Posted by Elliot Kravitz, ATP on 03/05/2021

Cincinnati OH Tax Pro for Tips Tax Preparer for Employee Tips FICA Medicare Employer Credit Cash
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Armed Forces Tax Filing Tips and Dates: Military Personnel, Veterans & Their Families & Navy Voluntary Income Tax Aid

Armed Forces Tax Filing Tips and Dates: Military Personnel, Veterans & Their Families & Navy Voluntary Income Tax Aid

Tax benefits are available for military personnel and their families. However, these tax benefits are often overlooked. For example, any monthly military payment earned during a combat...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 02/23/2021

Jacksonville FL tax Pro for Military Tax Preparer for Military Tax Benefits IRS Publication 3 The Armed Forces Tax Guide EITC ACTC PATH Act MilTax Navy VITA RTC TAC Military OneSource 1099 W-2 IRS 525
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Tax Tips For Older Americans

Tax Tips For Older Americans

Everyone wants to save on taxes, and older Americans are no exception. If you're over 50, here are some tax tips that can help you get there.The standard deduction for the elderly: If...

Posted by Dennis Jao on 02/23/2021

Brea CA Tax Pro for Elderly Tax Preparer for Retirement Older Americans Standard Deduction AGI Form 1040-SR 401 (k) 403 (b) 457 Plans IRA
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Tips For Filing Your Taxes When You're Married

Tips For Filing Your Taxes When You're Married

The IRS does not require couples to file joint tax returns for the simple fact that they are married. Spouses have the option of filing separate marriage declarations, and some do...

Posted by The TaxAdvocate Group, LLC on 02/17/2021

Middle Village NY Tax Pro for Filing as Married Tax Preparer for Filing as Married Married Filing Jointly Legal Marriage Standard Deduction Married Filing Separately Innocent Spouse Divorced Same-Sex Couples
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