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Tips – Withholding and Reporting

CLG Professional Services
June 22, 2011
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Employees who receive tips of $20 or more in a calendar month while working for you, are required to report to you the total amount of tips they receive. They must give you written reports by the tenth of the following month. Employees who receive tips of less than $20 in a calendar month are not required to report their tips to you but must report these amounts in income and pay their taxes. Employees must report to you cash...

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Sale of Your Home

CLG Professional Services
June 22, 2011
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If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Publication 523, Selling Your Home, provides rules and worksheets. In general, you are eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its sale. Generally, you are not eligible for the exclusion if you...

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Standard Deduction

CLG Professional Services
June 22, 2011
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The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. In general, the standard deduction is adjusted each year for inflation and varies according to your filing status. You cannot take the standard deduction if you itemize deductions. Your standard deduction consists of the basic standard deduction and any additional standard deduction for age or blindness. The basic standard...

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