tip reporting

Cash Only, No Tax on Tips? Unpacking the Complexities and Potential Risks

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Cash Only, No Tax on Tips? Unpacking the Complexities and Potential Risks The allure of a cash-only business, particularly one where tips aren’t reported, is undeniable for some. The promise of keeping more of your hard-earned money is tempting, especially in industries heavily reliant on tips like restaurants, bars, and salons. However, the reality of … Read more

Is There No Tax on Cash Tips? Unraveling the Myths and Understanding Your Tax Obligations

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The Alluring Myth: Tax-Free Cash Tips The idea of tax-free cash tips is a tempting one, particularly for those working in service industries. Many believe that since cash tips aren’t directly tracked by employers, they somehow escape the grasp of the IRS. This couldn’t be further from the truth. While the reporting process differs from … Read more

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