Understanding the Salt Deduction: A Comprehensive Guide for Businesses The Section 199A deduction, often referred to as the “Qualified Business Income (QBI) deduction” or informally as the “SALT deduction,” is a significant tax break for eligible businesses and self-employed individuals in the United States. However, understanding its intricacies is crucial to maximizing its benefits. This … Read more
No Tax on Tips (Only Cash)? Unpacking the Myths and Legal Realities The allure of untaxed income is strong, especially for those working in tip-heavy industries like restaurants, bars, and salons. The idea of pocketing cash tips without reporting them to the IRS seems appealing, but is it legal? The short answer is a resounding … Read more
Decoding the No Tax On Tips Act: A Comprehensive Guide for Employees and Employers Decoding the No Tax On Tips Act: A Comprehensive Guide for Employees and Employers The taxation of tips in the United States is a complex area, often riddled with misconceptions. While there isn’t a singular, official act titled “No Tax On … Read more
Senate’s Stance on Tipped Employee Taxation: A Comprehensive Guide The taxation of tips for employees in the United States is a complex issue, often sparking debate and confusion. This guide delves into the Senate’s historical and current positions on taxing tips, addressing common misconceptions and providing clarity for both employees and employers. While there’s no … Read more
The Complex Truth About Taxes on Tips: Cash vs. Credit Card, State by State Breakdown The question, “Is the no tax on tips only for cash tips?” is a common one, and unfortunately, the answer isn’t a simple yes or no. The reality is far more nuanced and depends on several factors, including your location, … Read more
