Relevant tax tips and updates for small business owners and individuals.
Sunday, August 1, 2010
Restaurant & Bar Owners Don't Omit the "Tip Credit"
Restaurant and bar owners may be eligible for a tax credit to recoup FICA taxes paid on wages to their employees who also receive tips. This credit is often missed or "blown off" by tax preparers so be sure to inquire about it if you don't see it on your tax return. S corps and partnerships pass the credit through.