Episode 124: There ARE taxes on tips
Accounting and Accountability · Faw Casson CPAs
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Show Notes
In this episode:
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Clarification of the Tip Deduction: What it actually is, how it's not "No Tax on Tips," and which industries (yes, even rickshaw drivers and tattoo artists) are poised to benefit.
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Leaked Treasury Industry List: Hear the early scoop on 68 job types rumored to qualify for the tip deduction—and why it's causing a stir.
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W-2 Changes Are Coming: Insight into new boxes (like 14B and 12A), new codes (TP, TT), and what employers will have to start tracking—possibly before the IRS even has their act together.
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Overtime Deduction Explained: A down-to-earth breakdown of who qualifies, how it's calculated (hint: it's just the "half" in time-and-a-half), and what the income limits are.
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Why Notices from the IRS or State Might Be Wrong: A frank discussion on the rise of erroneous tax notices, automation glitches, and how tax pros are battling red tape and broken phone trees on your behalf.