No More Tax on Tips!
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Interesting! Thank you for the short
Fac
Thank you for covering all of this with it’s honest limitations.
As a server, about 70% of my tips are on credit card and taxes are automatically taken out on these tips. So yes, this will definitely help a lot.
I’m pretty sure if you get tipped on a cc it is still taxable is what I heard. This bill basically just removes the need to report cash tips. Which is still a win for servers because they don’t need to worry about the IRS auditing them over it. It’s not as great as it sounded though.
@@wadablewads It says that it’s only for “cash tips” but the IRS considers any tips made with credit card or electronic payment to be cash tips as well so they won’t be taxed. That’s what I read online at least, as long as it’s not auto gratuity all tips should be eligible for the $25k tax deduction.
@@wadablewads the cash tip just excluded gifts like jewelry or anything else that has monetary value.
And if you serve in Florida you will have $11 minimum wage. I won’t be tipping as much moving forward.
Preach brother
What’s up brother ☝️
Still not tipping
People must love you
Bad bait
Well so much for that. It’s no longer part of the bill
In a separate video didn’t you mentioned that the bill classifies tips paid back to employees by the business and cash tips?
Graham the fraud
I dont ever give tips in cash anymore. Its always debt/credit. Im sure im not the only one
Ballerina Capuchina mimimimi
Credit card tips are allowed, so while servers will still pocket cash tips they can get more money directly from the tips on 25k… while its not much it would give tipped works about 5k to 10k more in their pocket every year… depending on other factors that this affects