If you work at a job where tips are common (waiter or waitress, bellhop, stripper (?)) you need to be aware of the rules of declaring tips as income and paying tax on them. See this IRS tip about tips (haha): http://content.govdelivery.com/accounts/USIRS/bulletins/eef2a5?reqfrom=share If you want to do this the right way, it is best to keep a log of the tips you receive and then report them to your employer. That way you are following all the rules and will not get in trouble with the IRS. 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 Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Tax Musings: The 4 Kinds of Clients You Need to Fire: A Primer for Accountants
There are many types of tax clients who can be more trouble than they are worth. If you are a tax preparer, you should seriously take a look at your client list and see if you have any of these types of client; if you are a client of a tax preparer you should be aware that if you exhibit this type of behavior you could be a pain. See the article by Terry Sheridan in Accounting Web for the details: http://www.accountingweb.com/article/4-kinds-clients-you-need-fire-primer-accountants/224334 This should clear the air on this issue and allow both sides to work together better (or go their own ways!) 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 Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Musings: If You Work, The Earned Income Tax Credit Can Work For You!
If you are an employee, you may qualify for a number of tax credits. Depending on your income and your dependents, the Earned Income Tax Credit can give you a pretty good tax refund. See this IRS tip about the credit with details on qualifying for the credit and claiming it : http://content.govdelivery.com/accounts/USIRS/bulletins/ebe493?reqfrom=share With a maximum refundable credit of $6,143 (last year the average credit was $2,407), it is definitely worth it to see if you qualify and file a return even if normally you would not have a filing requirement. Just remember that it is EARNED Income Tax Credit, so you need some type of earned income (wages, a profitable sole proprietorship, some other business income that you have to pay social security tax on) up to a maximum of $52,427 to qualify. 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 Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa