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Tax on Tips

You DO have to pay tax on tips reported to your employer. If you don’t report your cash tips to your employer, you risk the chance at being audited by the IRS. If the company does not meet certain criteria … Continued

Rental Income

A security deposit is no considered income if you plan to return it to the tenant. If you keep part or all of the deposit, it must be included in your income that year.

Employer Cell Phone

An employer-provided cell phone is NOT considered income. Since the company is giving you a cell phone or business purposes, the business will write it off as an expense. Same goes for is they are reimbursing you for your personal … Continued