Taxes Explained - Adjustments to Income

Do you understand the "Adjustments to Income" section of your 1040 tax return. This video discusses each line item in the adjustments area and what is supposed to go there. Learn which deductions apply to you and whether you are deducting everything you can.
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[@zipntalk2614]

Can you use this form to make adjustment on a waiter that received a W2 form with social security tips but server shared a percentage of the tips to other people in the restaurant such as bartenders and food runners?

[@TheVideoCPA]

Unfortunately no. Most restaurants do not account for what a server tips out so the amount on the W-2 is inflated by that amount. On the other hand, although cash tips should be reported, most servers do not report them. Neither seems right, but tips in the restaurant industry is a difficult process to track for the IRS and for the restaurant itself.

[@zipntalk2614]

Thank you!!!