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Taxpayers should check out these tips before choosing a tax preparer

As taxpayers get ready to file their 2021 taxes, they may be thinking about hiring a tax preparer. People should choose a tax preparer wisely. This is important because taxpayers are responsible for all the information on their return,...

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  • December 7, 2020

Tips to help people stay safe online

These days most people are spending more time at home and a lot more time online. Whether people are online for work, school, a virtual gathering or shopping, online security is more important than ever. Everyone should be mindful...

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  • December 1, 2020

Gig economy tips taxpayers should remember

The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing...

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  • June 25, 2020

Filing taxes 101: Common errors taxpayers should avoid

Filing a tax return electronically reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax...

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  • February 19, 2020

Guide for Reporting Tip Income by Employers & Employees

MIKE D’AVOLIO, CPA, JD SEPTEMBER 2, 2019 Employers and employees in the service industries that involve tipping need to comply with a unique set of tax rules.  Like wages, you must pay income tax, Social Security tax and Medicare tax on tip income....

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  • September 18, 2019

Tip Income; How It Affects Your Taxes

If you get income from tips, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly: • Show all tips on your...

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  • April 4, 2016

Your Social Security Benefits May be Taxable

If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if you need to pay taxes on your benefits. • Form SSA-1099. If...

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  • February 11, 2016

What You Should Know if You Get Tipped at Work

If you get tips on the job, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly: • Show all tips on...

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  • February 9, 2015

IRS Rule Leads Restaurants to Rethink Automatic Tips Gratuities Added for Large Groups Will Be Taxed as Service Charges

An updated tax rule is causing restaurants to rethink the practice of adding automatic tips to the tabs of large parties. Starting in January, the Internal Revenue Service will begin classifying those automatic gratuities as service charges—which it treats...

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  • September 6, 2013

Top Ten Tips on Making IRA Contributions

The IRS has 10 important tips for you about setting aside money for your retirement in an Individual Retirement Arrangement. 1. You must be under age 70 1/2 at the end of the tax year in order to contribute...

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  • April 8, 2013

Important Reminders about Tip Income

If your pay from your job includes tips, the IRS has a few important reminders about tip income: Tips are taxable. Individuals must pay federal income tax on any tips they receive. The value of non-cash tips, such as...

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  • February 19, 2013

Six Tips for Students with a Summer Job

School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while...

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  • July 9, 2010