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Old 10-09-2010, 06:29 PM   #1
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How much tip money to claim on income tax

Hey everyone,

Anyone that works as a server, waiter or really anything that makes significant tip money, how much do you guys claim on your income tax every year? Whats a "safe" amount? Yearly, I would say I make close to $2000 in tips, how much do you think I should claim?
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Old 10-11-2010, 04:12 AM   #2
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$2000 in tip money over the course of one year is different if it's made in 150 hours' work or if it's 1500 hours' work. Some people I work with will typically go home with $80-100 a night, but that's besides the point...

A "safe" amount would be 100%, no question about it. Majority of the kitchen staff I work with claim none of their tip money, while some of the floor staff I talk to about this type of thing claim 15-20%.
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Old 10-11-2010, 08:17 AM   #3
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Claim 100% of it. You have no idea how many people get randomly audited and get screwed because of this.
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Old 10-11-2010, 10:24 AM   #4
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Quote:
Originally Posted by krispy_kinetic View Post
Hey everyone,

Anyone that works as a server, waiter or really anything that makes significant tip money, how much do you guys claim on your income tax every year? Whats a "safe" amount? Yearly, I would say I make close to $2000 in tips, how much do you think I should claim?
Big Brother is watching. So you better claim $2000. Lmao.
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Old 10-11-2010, 04:18 PM   #5
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Since its purely cash transactions, how can they get proof that it really is the amount that you really got? Having said that though, I think I will be claiming everything. Its not like I'm going into another tax bracket if I do. Thanks for the advice everyone.
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Old 10-11-2010, 07:04 PM   #6
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to be totally honest, it's when people who are getting 10000 or even 20000 that will cause a huge issue.

back many years ago, we have people earning a lot of cash thru bonuses, we are talking about thousands a week or even every few days. Long story short, when you start buying nice cars, houses and you income was only 35k, they start checking.
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Old 10-11-2010, 11:28 PM   #7
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^ thats why you gotta keep it on the down-low
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Old 10-25-2010, 03:17 PM   #8
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how about NONE
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Old 10-25-2010, 03:23 PM   #9
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LOL
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Old 10-25-2010, 03:29 PM   #10
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Old 10-26-2010, 03:47 AM   #11
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I wouldn't claim any of it.

You won't get audited if you don't put it in your bank account. Learn to income split with your spouse, and pay for some things in cash.

You only get audited if you have like $5000 more show up in your accounts then what you claimed. I came close the one year. There is certain red flags that Revenue Canada looks for.

...another one is changing your address often.
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Old 10-26-2010, 03:50 AM   #12
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What you should do is start up a non-profit organization to filter money into.

The rich use so many tricks to stay wealthy. Its all about keeping money in your hands/corporation/organization
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