Wednesday, January 12, 2011
The tips to plan tax on your tips
Handle your tips carefully You should report your tips accurately to your employer and also on your tax return. Remember, tips are received by people working in various industries. So if you don’t work for a restaurant, do not assume that you can avoid reporting tips. Cab drivers, club attendants, hairdressers –all of them or people working in the similar professions must report tip income to IRS. You should keep daily record of tips in a tip diary. You should use Form 4070 to report
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