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Did Your Accountant Calculate Your Tip Credit?
Do you have tipped employees providing, delivering or serving food or beverages for consumption?
Do you pay Social Security and Medicare taxes on these tip?
If you are an employer in the food and beverage industry, you may be entitled to a credit for the Social Security and Medicare taxes you pay on your employees’ tip income. This credit is available under Internal Revenue Code section 45 B, “Credit For Portion Of Employer Social Security Paid With Respect To Employee Cash Tips.”
If your accountant didn’t calculate the credit for your – OR – if you have never heard of the credit for employers who have tipped employees, then you need to call us today! This one oversight may be costing you thousands of dollars in additional taxes each and every year.
Call us at (520) 747-4964 to schedule your complimentary “Business Tax Analysis.” We can help you recover those lost dollars.