727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
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Reporting Tip Income: The Basics

Reporting Tip Income: The Basics

The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about...
Reporting Tip Income: The Basics

New Rules for Depreciation and Expensing

As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner,...

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