School will soon be out for the summer and many teenagers will be looking for ways to earn money. That’s why the IRS is reminding young workers of their tax responsibilities. New employees must provide employers with a Form W-4 (Withholding Allowance Certificate). If they need help with the form, they can log onto the IRS website, and use the Withholding Estimator tool. Those who work for tips need to report this taxable income to their employers once the tips total $20 or more in a month. Money earned from self-employment, such as babysitting or lawn care is also taxable, which may mean students will need to make estimated tax payments directly to the IRS. For more help: https://bit.ly/3wTvcYt Call or visit our website for more information! www.mjscpa.com/
