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lalaland | I work for free at my parent's cafe, and I make tips, do I need to file for taxes? |
I am a full time student during the school year so I only work during the summer, and I make less than 2,000 in tips. I do not get paid in wages from my parents (my choice). Do I still need to file?
Additional Details
I'm just wondering because I need to fill out financial forms for school, and there is a non-filer's form that I'm filling out. They ask for the reason I make money over the summer, and I want to know if it's legitimate to say "I work for pure tips"... |
 |
 
SG
 |
All income from any source is taxable income....but if you make only $2000 in a year, you do not have income tax.
The problem is social security, or self-employment tax depending on what direction this could take.
You are supposed to report tips that you earn to your employer (your parents), and they would generally include this on your W2. And you would have to pay your parents the money required to cover the FICA (social security and medicare) taxes.
This really is potentially a messy situation. If your parents have a professional tax service that helps them with the business, I would talk to them so this can be handled properly.
http://www.irs.gov/pub/irs-pdf/p531.pdf |
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Big Deal Maker
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Legally yes you do. You must report those tips on your taxes.
If you do not report those taxes. It is called tax evasion and can get you a trip to the big house. |
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Judy1
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If the tips haven't been taxed for social security and medicare, you need to file if you make over $400 a year.
The actual right way to do it is to report ALL of your tips to your parents the owners, and they'd do the paperwork for the tax on the tips - you'd end up with a negative paycheck that way and have to pay in some of your tips to cover the tax.
The people telling you to just ignore filing taxes are advising you to commit the crime of tax evasion - that can mess up a lot more than just your FAFSA application. |
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Mermaid
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Yes, definitely you have to file. Approach your parents for advice too. |
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muhammad k
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ofcourse no. |
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antonice
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I worked at a restaurant for a while and if you get paid,with a paycheck,you claim whatever tips you make to the government. But you don't get paid(by choice) I don't see a way of you claiming your tips anyways. You are suppose to,legally.
From what I understand,if you made at least $3,000 you will get some sort of Tax Rebate check. I think there is a way for you to file whatever income,however you make it to the government. Look around on the IRS site,for your own peace of mind. Good Luck! |
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larechiga26
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I would have to agree with BDM. I have never worked as a waitress but I believe that you are supposed to keep some kind of record of how much you make in tips. Consider having your parents cut you a check when you make below a certain amount of $$ then when you file for your taxes & you report your tips you should break even & not really have to pay anything nor will you be paid (income level is dependant on that). If you don't really want to keep the money your parents are paying you then you and your parents can decide on what you can do with that money. You can pay it back to them for livng expenses, create a savings acct, or donate it to charity. Have a sit down with your partents & discuss other alternatives, with times like they are right now I think you should consider saving the money a retirement fund wouln be an excellent idea. I admire your intentions but if it really isn't really hurting your parents business then you should get paid. Manage your money so that you are not asking them for anything that isn't school related clothes, shoes, cell phone, movies, dates for the time that you are getting paid. Let them help with gas, food, school supplies, staple school clothes (jeans...). Besides you are working and you could start earning social security right now for your retirement. |
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Justin
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no its what you call under the table the goverment doesnt know about it. |
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nycqt
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No!!!!!!!!!!!!!!! Not for the tips! |
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kelly
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I WOULDN'T SAY A THING, WHAT THEY DON'T KNOW WON'T HURT |
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