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Revision as of 12:41, 22 September 2024
As the housing market began to slide three years ago, my wife and i began to sense that we were losing our other options. As people lose the value they always believed they been on their homes, their options in their ability to qualify for loans begin to freeze up insanely. The worst part for us was, that i were in real estate business, and we were treated to our incomes start seriously drop. We never imagined we'd have collection agencies calling, but call, they did. In the end, we to be able to pick one of two options - we could apply for bankruptcy, or we had to find a way to ditch all the retirement income planning we have ever done, and tap our retirement funds in some planned way. As you might guess, the latter is what we picked.
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The employer probably pays the waitress a very small wage, that is allowed under many minimum wage laws because this lady has a job that typically generates practices. The IRS might therefore argue that my tip is paid "for" the employer. But I am under no compulsion to leave the waitress anything. The employer, on the other guitar hand, is obliged to fund the services his workers render. Glad don't think the exception under Section 102 employs. If the tip is taxable income to the waitress, it is simply under standard principle of Section 61.
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