Don’t forget, tips are considered income to the IRS and they need to be reported.

People who earn tips at their jobs are required to keep records for the IRS as they are considered income. The IRS considers any tip income received by a tax payer to be compensation for services rendered and must therefore be included in the tax payer’s gross income which is taxable.   The IRS requires that a record be kept of tips by the tax payer throughout…

According to some, Social Security numbers may be on the way out.

Do we really need Social Security numbers? Some people believe the system has outlived its usefulness and Some feel that the Social Security number system as a means of identification has become obsolete.  The recent massive data breach of Equifax has prompted the Trump administration to explore ways of replacing the use of Social Security numbers as the main method of assuring people’s identities.  Federal departments and agencies have been tasked to…