Found 4 Matching Items; Displaying 1 - 4.
Tip income is taxable and must be reported
FS-2022-37, October 2022 — People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it’s important for people working in these areas to understand important details involving tips.
General Information
Individuals
All income is taxable, including gig economy and tip income
Tax Tip 2023-42, March 30, 2023 — It’s important for taxpayers to file a federal tax return that has a complete and correct reporting of their income – which may mean including income from sources other than regular wages from an employer. Income from gig economy activities and tip income are two common sources of such income.
General Information
Individuals
Tip recordkeeping and reporting
Provides information and resources dealing with reporting tip income for all industries that deal with tipping of employees.
General Information
Small Businesses
Tax Time Guide: IRS reminder to report all income; gig economy and service industry, digital or foreign assets and sources
IR-2023-35, March 1, 2023 — The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from the gig economy and service industry, transactions from digital assets, and foreign sources or holding certain foreign assets.
News
News Media, Individuals, Tax Professionals