If you are like millions of taxpayers in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy. Others do not. Here are some suggestions: Proper Tip Reporting Has Three Components (Think 1-2-3) Keeping a […]
With the increased popularity of lotteries and casinos, more unsuspecting winners are experiencing a lucky payday only to end up with a huge tax head-ache when filing their income taxes. Here is what you need to know: What Should Be Reported When it Comes to Gambling Wins? You are required to report as income any […]
Creating order out of chaos As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips: Keep it all in one place. It seems obvious, but how often have you found yourself going through piles of paper looking for that elusive missing […]
Recordkeeping requirements for businesses. What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider the records […]
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