Business Topics, IRS - Tax Tips, Record Keeping

Good Record Keeping = Good Business

 

Taking care of business: An #IRS tip can help you understand the ins and outs of good recordkeeping: https://go.usa.gov/xfvU9IRS Record Keeping
Business Topics, IRS - Tax Tips, Tax

IRS – Limits On Charitable Contributions

Greater deductions by businesses for contributions of food inventory for the care of the ill, needy or infants are now allowed. Businesses that contribute food in 2020 may deduct up to 25 percent of their net or taxable income. https://go.usa.gov/xfQZs#COVIDreliefIRS#IRS

Business Topics, IRS - Tax Tips, Tax, TAXES - INDIVIDUAL & SCH C

IRS – Reporting Tip Income – Tip (Hahahaha)

Three things can help you correctly report your tip income to the #IRS:

•Keep a daily tip record.

•Report tips to your employer.

•Report all tips on your income tax return.

https://go.usa.gov/xwSPQ#IRSTaxTip