Reputation is everything – particularly for a small business owner. Referrals bring you new business, and word-of-mouth can establish you as a trustworthy partner in your community. In the past, your reputation flowed between individuals or written recommendations that you solicited, but all this has changed with the Internet.
Coronavirus has disrupted the economy, shuttered businesses, and cause major uncertainty for small business owners. For some, it’s been easy to move their business online or continue fulfilling and shipping orders. For others, sales might have dropped, and you need working capital to pay rent.
For most people, paying taxes is straightforward. You get a paycheck from your employer and the employer has already deducted the amount you owe to the IRS. When it comes time to file your tax return, the discrepancy between what you owe and what you already paid might be minimal. You might have to cut a check to the IRS, but it’s fairly manageable. However, if you get a 1099 or you had other income where taxes weren’t taken out ahead of time, the amount you wind up owing come tax time might come as a shock. What now? What’s the best course of action if you can’t pay your taxes?
In this gig economy, more taxpayers than ever before are receiving tip income. Whether the tips are from waiting tables, driving for Uber, or making home deliveries, those tips are considered taxable income. However, there is a lot of confusion over how to report tip income, what is the threshold for reporting and who should report it. Here is all you need to know about reporting tip income.