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10 Questions When Filing Taxes With Tip Income

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4 Year-End Money Tips to Lower Your Tax Bill in 2020

4 Year-End Money Tips to Lower Your Tax Bill in 2020

Many Americans don't think about their tax bills until the new year. But there are things you need to do before Dec. 31 if you want to pay less later.


Author's Note: 10 Questions When Filing Taxes With Tip Income

While we talked about a few rather complicated scenarios, do keep in mind that tip income -- by and large -- is pretty easy to keep track of and report. The key, however, is actually keeping track and reporting it. Giving ballpark estimates or assuming wages isn't going to cut it.

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Sources

  • Bell, Kay. "Don't Forget: Tips Are Taxable Income." Bankrate. Feb. 22, 2008. (Nov. 3, 2014) http://www.bankrate.com/finance/money-guides/don-t-forget-tips-are-taxable-income-2.aspx
  • Internal Revenue Service (IRS). "Publication 1244." August 2005. (Nov. 3, 2014) http://www.irs.gov/pub/irs-pdf/p1244.pdf
  • Internal Revenue Service (IRS). "Reporting Tip Income." 2013. (Nov. 3, 2014) http://www.irs.gov/pub/irs-pdf/p531.pdf
  • Internal Revenue Service (IRS). "Tips on Tips." 2006. (Nov. 3, 2014) http://www.irs.gov/pub/irs-pdf/p3144.pdf
  • Phillips Erb, Kelly. "Taxes from A to Z." Forbes. April 3, 2014. (Nov. 3, 2014) http://www.forbes.com/sites/kellyphillipserb/2014/04/03/taxes-from-a-to-z-t-is-for-tip-income/
  • TaxAct. "'Tips' for Tip Income." 2014. (Nov. 3, 2014) http://www.taxact.com/tax-information/tax-topics/tips-for-tip-income.asp
  • TurboTax. "How to Claim Tips on Your Tax Return." Intuit. 2013. (Nov. 3, 2014) https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/How-to-Claim-Tips-on-Your-Tax-Return/INF14782.html
  • TurboTax. "When to Use Tax Form 4137: Tax on Unreported Income." Intuit. 2014. (Nov. 3, 2014) https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/When-to-Use-Tax-Form-4137--Tax-on-Unreported-Tip-Income/INF19257.html

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