CLIENT QUESTION:
I work in a restaurant and at the end of the day we equally share the tips received from the customers during the day. Do these tips need to be declared on my tax return?
OUR ANSWER:
Yes the share of tips you receive at the end of the day are taxable income and need to be reported on your tax return as income. You should keep record of the tips you receive everyday and report them as income at the end of the year when you do your tax return.
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