Musings of a Burbank CPA: What You Should Know if You Get Tipped at Work

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.

Dollar with pointer Tax Help and Planning For financial,  accounting and tax musings,

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