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May 4, 2020
Question

When claiming cash tips as a musician, can they be pooled yearly in one sum, or do they need to be itemized?

  • May 4, 2020
  • 1 reply
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1 reply

May 4, 2020

It depends.

 

What are you trying to do?

 

I can tell you that you should be paying taxes on your income as you earn it.  If you earn a lot earlier in the year, you could face an underpayment penalty for not paying your taxes as you earn your income.

 

What is an underpayment penalty

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