ACap ReCap: Financial and Tax Tips
ACap Advisors & Accountants is a boutique fee-only Wealth Management and full-service Accounting firm based in Los Angeles. We handle everything from taxes to investments to risk management and estate planning, providing comprehensive, unbiased financial advice in one location. In our ACap ReCap episodes, we discuss the latest financial news, answer the frequently received financial questions, and share financial tips with you. If you have questions or suggestions email us hello@acapam.com Find more details at https://www.acapam.com/ #financialadvisor #fiduciaryfinancialadvisor #finance #financial #money #wealthmanagement #assetmanagement #investment #tax #taxplanning
ACap ReCap: Financial and Tax Tips
No Tax on Tips Explained: Your Common Questions Answered
The “No Tax on Tips” provision in the new federal spending bill creates a special deduction for tipped workers, lowering what they owe in federal income tax starting in 2025. But tips are still subject to state and local income taxes as well as payroll taxes (Social Security and Medicare).
In this episode, Ara Oghoorian explains who qualifies, what counts as qualified tips, the $25,000 deduction limit, and the income phase-outs, based on the latest IRS update.
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