plinky [he/him]@hexbear.net to Chapotraphouse@hexbear.netEnglish · 2 months agoFinally streamers will stop supporting usa war machine 🎉hexbear.netimagemessage-square23fedilinkarrow-up185arrow-down10file-text
arrow-up185arrow-down1imageFinally streamers will stop supporting usa war machine 🎉hexbear.netplinky [he/him]@hexbear.net to Chapotraphouse@hexbear.netEnglish · 2 months agomessage-square23fedilinkfile-text
minus-squaredead [he/him]@hexbear.netlinkfedilinkEnglisharrow-up13·2 months agoThe ‘No Tax on Tips’ tax deduction is capped at $25,000 per year.
minus-squareWrongOnTheInternet [none/use name]@hexbear.netlinkfedilinkEnglisharrow-up5·2 months agoHow does it interact with state and local taxes in the US?
minus-squareLanyrdSkynrd [comrade/them, any]@hexbear.netlinkfedilinkEnglisharrow-up5·2 months agoYou still have to pay state and local income tax on tips.
minus-squareWrongOnTheInternet [none/use name]@hexbear.netlinkfedilinkEnglisharrow-up5·2 months agoNot much incentive to report then, unless you need to prove it for a loan or something Now a tax offset…
minus-squareplinky [he/him]@hexbear.netOPlinkfedilinkEnglisharrow-up3·2 months agoAh, less space for full on shadow economy stuff. Where did I get 100k ballpark number from in my head:(
minus-squarepierre_delecto [he/him]@hexbear.netlinkfedilinkEnglisharrow-up5·2 months agoI think there’s a phase-out that happens around that level of total income maybe?
The ‘No Tax on Tips’ tax deduction is capped at $25,000 per year.
How does it interact with state and local taxes in the US?
You still have to pay state and local income tax on tips.
Not much incentive to report then, unless you need to prove it for a loan or something
Now a tax offset…
Ah, less space for full on shadow economy stuff. Where did I get 100k ballpark number from in my head:(
I think there’s a phase-out that happens around that level of total income maybe?