Category: IRS – Tax Tips
Good Record Keeping = Good Business
Taking care of business: An #IRS tip can help you understand the ins and outs of good recordkeeping: https://go.usa.gov/xfvU9
IRS – Limits On Charitable Contributions
Greater deductions by businesses for contributions of food inventory for the care of the ill, needy or infants are now allowed. Businesses that contribute food in 2020 may deduct up to 25 percent of their net or taxable income. https://go.usa.gov/xfQZs#COVIDreliefIRS#IRS
IRS – Reporting Tip Income – Tip (Hahahaha)
Three things can help you correctly report your tip income to the #IRS:
•Keep a daily tip record.
•Report tips to your employer.
•Report all tips on your income tax return.