By James Jenco
If you own a food and beverage establishment, you might be overpaying the IRS in payroll taxes. That could be the case if you’re not taking advantage of IRC 45(B). This rather little-known federal tax deduction could save you hundreds or even thousands of dollars a year, depending on the size of your tip-eligible workforce. Here’s how it works.
As you probably know, it’s your responsibility to pay the employer withholding tax on the FICA and Medicare...