Leadership Development...
is the key to 21st. Century Success in business. Harness the power of your peers to help you develop your employees, managers & successors!
| D-I-Y Strategic Planning...
allows you to make strategic decisions about your company's direction every time - all with the help of your peers!
| You'll Make Better Decisions...
when your ideas are challenged and your assumptions tested, continually and strategically - by a caring group of your peers!
|
|
Your Tip Earnings And Taxes
By Richard A. Chapo
If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them.
Your Tip Earnings and Taxes
The internal revenue service takes a very simple approach to tips. It views all tips you make in your job as taxable income that must be reported and for which taxes must be paid. Put another way, the IRS has a simple but brutal view towards taxes
Now tips come in different forms. Some are received directly from customers while others are automatically added to the customer’s bill. The IRS takes the position you must report and pay taxes on both amounts. This also includes taxes you earn through any group splitting where all tips are collected together and then split amongst the employees. On top of this, the IRS also takes the view that any non-cash tips such as tickets to something are also income that should be reported and taxes paid on. Put another way, the internal revenue services gets you coming and going.
To make things a little more brutal, the internal
Our articles continue...
|
revenue service requires you to take some steps in reporting tips. If your tips total $20 or more in any calendar month from a single job, you are supposed to report the total to the employer by the 10th day of the next month. The employer is then supposed to withhold federal income tax, social security and Medicare taxes from your paycheck. Keep in mind that the failure to do so can lead to the placement of a 50 percent penalty on your taxes. Obviously, the IRS is fairly serious about getting its money. Tips paid to waitresses, bartenders, barbacks and so on are a hot spot with the IRS and always have. Since tips tend to be given in cash form, the potential for forgetting to report them is particularly high. The IRS seems to think so and has shown a generally aggressive attitude on the subject. If you indicate you are a waitress or bartender on your tax return, but fail to report any tip income, it could be audit time. Article Source: http://www.ArticleJoe.com Richard A. Chapo is with BusinessTaxRecovery.com - obtaining tax refund recovery for overpaid small business taxes. Visit BusinessTaxRecovery.com to read more business tax articles or our new tax credits page.
Here are some more estate planning articles...
A Nationwide Service For Property Managers, Landlords And Real Estate Investors
E-Renter USA Ltd is a Consumer Reporting Agency, serving property managers, landlords and real estate investors for over four years. E-Renter offers Tenant Screening, Rental Credit Check, and Read more...
|
Real Estate Market Look At Bangalore
By property
The Bangalore real estate market has made some interesting stories recently. Poor farmers have been known to carry grocery bags of cash into the office of travel agents to purchase a family tour Read more...
|
California Local And Property Taxes
By Kris
As the California state population increased, the demand for housing also increased and this resulted in higher property values and higher taxes. Local taxes - About 35 percent of the total, Read more...
|
Selling Real Estate On Ebay
By Dan Farrell, Sat Dec 10th
Copyright 2005 MHG ConsultingSelling real estate over the internet may sound like an awkwardidea. However, the exposure the real estate receives over such awidespread media like the Read more...
|
| north carolina real estate tax news: |
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P>
<P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.) will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P>
<P><FONT size=2></FONT> </P>
|
specific planning to ensure your assets pass in an orderly and efficient manner to designated individuals. Estate planning includes writing wills, setting up trusts, establishing Powers of Attorney, and planning ahead to avoid unnecessary taxes. ...
|
|
