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tmburns645 | Can file income tax on money i have made from tips from nite club dancing thanks? |
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Molly
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Anyone who receives more the $20 in tips in a month must report that income. It is best if the employer does this as to ensure the proper amount of tax withholdings.
Talk to your employer about this. If they do things correctly, then they should be able to assist you. If they "don't care" or tell you "not to report them", then ignore their advice. The price for honestly seems unreasonable, but the penalty for lying is so much worse.
PS - You will want to consider setting additional money aside for your taxes if your current withholding is not being adjusted. |
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zharantan
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Number one, I'd work on the grammar. The question is impossible to understand. Number two, you do have to file income tax to include all tips you have received during the tax year. If you don't, The IRS will get suspicious and you will be audited. If this happens, you could be in very big trouble. A Certified Public Accountant (CPA) can help you to avoid this. You will also want to consider making quarterly estimated tax payments. This will enable you to avoid penalties and increase your chance of getting a refund. It is rather difficult to explain (and is a LOOOONG explanation). You really should hire a CPA do figure this all out for you. You can find one in your local yellow pages. Interview them first. Find one that you trust and are comfortable with. Make sure you have all of your income, spending and savings information with you and at least 5 years of past tax returns. Good Luck. |
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bjlevine
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First, we'll need pictures of you dancing. ;-)
Normally, dancers are paid a small wage, and are required to report their tips to their employer at the end of the night so that the appropriate amount can be recorded for social security and W-2 purposes. Your employer may already be doing this based on some method that you are not aware of.
If they are not, you are required to track your tips and report them as income. You will wind up being held responsible for self-employment tax on those tips, but you can also take deductions against those as costs of doing business.
A well-trained CPA (like myself) can help you plan the best course of action. You should definitely seek out a good, reputable CPA. You should always pay your taxes, but only the absolute minimum amount required under the federal code. That's what a CPA is trained to do for you.
Good luck, and send pictures! ;-) |
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The Boot
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The only people getting cheated are taxpayers who are robbed blind by a government that hasn't the slightest clue how to be good stewards of taxpayer dollars, or any other currencies. |
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Rabbit
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Record your tips each night. You are responsible for the taxes on that income--even if they pay you in cash and the business doesn't record it. Set aside some, this is hard I know, for your taxes on those tips. In some cases your tips, hopefully, will add up to some significant amounts over the course of the year. While you might not get audited, it could certainly be leverage against you if you do, or appear to do, something illegal. If you expect the cops to come when people get rude and unruly against you, remember it is tax payers who pay for those cops. In many places, tax payers are people who earn money that is taxed. Your tips are money that is supposed to be, although often ignored, taxed. Cheating on taxes is a crime too. |
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hidden
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i don't think so unless those tips were stated in your payment slip or check slip.. because the income tax needs record for the source of the money.. tips are like gifts and they can't tax you for that.. if that happens then i don't think people should be handing out gifts on Christmas.. however still try to find out more from others about this bcoz things like this can be tricky.. |
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Just Me
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First...work on grammer |
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angelchat_79
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Leagally you are supposed to report this money even though it seems there is no paper trail on it. Many people do not realize there may be a benefit to including this income, for instance, if you have children and are low income, it counts as earned income for the Earned Income Credit, so if your income is withing a certain range, increasing it may increase your credit. Many people do not include tips because the employer figures an allowance tip amount and taxes you on your paycheck so that you do not have to keep track or your actual tips, but be aware that even thoug you are receiving cash, there is a paper trail. Look at your income on your taxes and then look at the lifestyle you live, do you deposit your tips into the bank? Threre's more evidence there than you know and if you withold income and get audited, you could be fined and if you received the EIC, it will be taken away if you filed your taxes incorrectly. |
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raju kj
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try to collect cash so that you need not pay taxes. |
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