Handling Tips and Gratuities: Proper Reporting and Tax Treatment for Salon Owners and Staff
In the salon industry, tips and gratuities form a significant portion of the income for many professionals. Properly managing and reporting these tips is essential for compliance with tax laws and ensuring fair treatment of both salon owners and staff. This article provides an overview of the correct reporting and tax treatment of tips, offering guidance for salon owners and their employees.
Read ArticleHiring Your Child to Work at Your Business This Summer
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of…
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