Everything You Need to Know About IRS Tip Reporting

Michelle Mire

Share this Article
Facebook
Twitter
Email
LinkedIn

Tips represent a significant portion of a worker's income in the restaurant and hospitality industries. As tipped income is considered taxable income, both employees and employees have specific reporting requirements. Learn about the IRS tip reporting guidelines in this post, written for the Toast Restaurant Management Blog.

About the Author

Blogmaster, content creator and inbound marketing guru at Wagepoint, Michelle enjoys simplifying complex payroll topics and generating articles with actionable advice for small businesses and startups. When not at the keyboard, she enjoys chocolate, running and quality television (not always in that order).
Follow on Twitter Follow on Linkedin Visit Website More Content by Michelle Mire

Preparing Yourself for the Cost of Employees

The salary or wages you pay an employee are only 70% of the total cost of having an employee. The other 30%...

How to Choose the Right Accountant for Your Business

Finding the right accountant for your small business or startup is a very important decision. Focusing on t...

Other content in this Stream

Restaurant Timekeeping, Scheduling and Payroll [Webinar Recap]

Everything You Need to Know About IRS Tip Reporting

About the Author

Previous Article

Next Article

Other content in this Stream

In this webinar recap, you'll learn how the combination of scheduling and timekeeping from 7shifts and payroll from Wagepoint can help your restaurant save time and money.

If your payroll includes construction, trade, or field workers, your time-tracking needs are a bit more complex. This article recaps the simple solution of pairing TSheets with Wagepoint.

Hiring new employees can be daunting. Get inspired and learn from the experiences of other successful businesspeople with these 8 TED Talks.

Not every small business needs complex features for their timekeeping. Get to know Wagepoint's tool, Track, and get access to the live demo from our webinar.

Saving time and money is as simple as tracking time and money. Learn about the relationship between timekeeping and payroll, and how online tools can help your bottom line — all in our webinar recap.

Are all taxes the same? Definitely not. When it comes to payroll taxes and income taxes in the US, it's crucial to know the difference — and how they relate to each other.

Wagepoint would rather not nickel and dime you when you're running payroll. We've covered how to avoid situations that cause extra fees.

What do you do if you get a payroll tax notice? First, figure out why it happened then take steps to resolve the concerns.

Looking for the right small business payroll software can feel overwhelming. This overview and checklist will help you in comparing payroll software.

If you're a sole proprietor, you have to pay income and businses taxes, payroll or self-employment taxes and perhaps, if applicable, excise taxes. Find out how this all works.

Self-employed and a sole proprietor? If so, here's what you'll need to know as you file your business taxes with your personal taxes using a Schedule C along with your 1040.

Which jobs and industries offer the largest cash employee bonuses? What are the main reasons for giving an employee bonus? This article and infographic answers these questions and more.

Download a printable PDF of Wagepoint's US Payroll Calendar, created especially for small businesses and startups and the bookkeepers and accountants who serve them.

Looking for the best payroll tools for your small business? Or a stack of online payroll tools that work together seamlessly? These tools build a smart hr workflow that's easy to manage.

Paycheck vs pay stub, total pay vs net pay, contributions vs deductions and who is FICA anyhow? This simple infographic answers your questions and explains how to read a paycheck.

More and more small businesses are using freelancers for specific skills and projects. Find out where to begin and how to find the right freelancer. Includes a list of the top freelance sites.

While it's common to mention accountants and bookkeepers in the same breath, it's important to know that each is its own professional designation with specific roles and responsibilities.

During tax season, small business owners are scrambling for time and helpful resources. Learn about five resources that can help keep your business taxes on track.