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Tax Tips & News: wages

What Happens If You Don’t File Your Taxes?

5 minutes read

Overdue Taxes Will Come Back To Haunt You

The only certainties in life are death and taxes, as the saying goes. Taxes are an annual event that, however unpleasant, we all have to deal with. It may interest you to know that according to the Internal Revenue Service (IRS), an estimated 239.3 million tax returns were filed in 2012 by individuals and businesses in the United States. That amount exceeded by a little more than 1% the number of returns that were filed in 2011, and by 2018 that...

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Automatic Tips To Be Treated As Taxable Wages

5 minutes read

“Gratuity Included” Going Extinct?

We’ve all been out to a restaurant and received a bill where gratuity–usually around 18%–was included in the bill.  This routinely occurs when larger groups dine together.  However, this practice may be going extinct as a change in the tax rules starting January 1st, 2014 will view automatic gratuities as a “service charge”, which opens them up to be taxed as wages.

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Lessons Learned From Mitt Romney’s Tax Return

8 minutes read

Republican candidate Mitt Romney recently bowed to pressure last week and released his 2010 tax return.  What it showed is that Romney paid a little less than $3 million in taxes on $21.6 million of income.  This equates to an affective tax rate of less than 14%–far below what the average taxpayer pays.

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