Remember, if you work in an industry where you get tips, you are supposed to report them on your income taxes. See this posting from the IRS reminding you about tip income: http://content.govdelivery.com/accounts/USIRS/bulletins/a60ebb?reqfrom=share So now you know everything about tips. One other thing to remember; at most restaurants, tips are automatically put in a separate box on your W2 at the end of the year; there is a percentage calculation the IRS requires them to make and put that calculated amount down. But also you should be a good soldier and put down all your tips on your taxes, especially if they are more than the amount on your W2. (If you actually got less, too bad; that calculated amount is kind of a floor – maybe you need to get a job that pays better tips; you are definitely getting below the average.) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Download my business app Available for IPhone and IPad: https://itunes.apple.com/us/app/briantstoner/id810483959?ls=1&mt=8 Available for Android: https://play.google.com/store/apps/details?id=com.app_briantstoner.layout&hl=en Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a CPA: Four Good Reasons to Direct Deposit Your Refund
The IRS has come out with a list of four reasons to direct deposit your refund – see this link to let the IRS talk you into sticking your tax overpayment directly into your checking or savings account: http://content.govdelivery.com/accounts/USIRS/bulletins/a60f10?reqfrom=share So now you have the reasons the IRS tells you to use direct deposit; here is the number one reason they want you to do it – the fact they can save money electronically depositing your refund instead of printing and mailing you a check (with budget reductions, you will make Uncle Sam very happy if you use direct deposit!) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Download my business app Available for IPhone and IPad: https://itunes.apple.com/us/app/briantstoner/id810483959?ls=1&mt=8 Available for Android: https://play.google.com/store/apps/details?id=com.app_briantstoner.layout&hl=en Has been Featured On https://twitter.com/bstonercpa
CPA in Burbank Tax Musings: Top 12 weirdest tax rules around the world
Well, the Christian Science Monitor has spent thousands of hours (I guess) looking up some of the weirdest tax rules around the world. Although some no longer exist, the fact that most were created at all is the weirdest part of this article by Karis Hustad: http://www.csmonitor.com/Business/2014/0214/Top-12-weirdest-tax-rules-around-the-world/China-pro-cigarette-smoking-tax-revenue So some of these laws are just strange (A Beard Tax when Russia was ruled by Peter the Great, fines for not buying cigarettes in a provence in China to increase tax revenue and support tobacco growers and cigarette makers.) I especially liked the fact that the Swedish Government was given authority to approve the names of all young children or your family could be fined the equivalent of $770. (Someone named their kid “Brfxxccxxmnpcccclllmmnprxvclmnckssqlbb11116”, to protest the law; it was denied.) And you thought our Congress had created some odd tax laws – they almost seem sensible now! (Almost.) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Download my business app Available for IPhone and IPad: https://itunes.apple.com/us/app/briantstoner/id810483959?ls=1&mt=8 Available for Android: https://play.google.com/store/apps/details?id=com.app_briantstoner.layout&hl=en Has been Featured On https://twitter.com/bstonercpa