Accounting for Tips
Accounting for Tips
Mar 16, 2021
ceterus.com
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Jaynee | Nail Tech & Educator on Instagram: "The answer is… TRUE, YOU DO need to claim tips, no matter how they were collected (cash, card, Venmo, etc.) However, a new federal law was passed for the 2025 tax year allows eligible workers to deduct up to $25,000 in qualified tips from their federal taxable income. If you are eligible make sure to provide a breakdown of your regular income vs. your tips when filing this year! #taxes #smallbuisness #smallbusinesstax"
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