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Michelle Cook on Instagram: "Heads up Sch C filers! If you’re taking tips outside of a merchant processor that’s going to issue you a 1099-K, you might want to think twice. In 2026, the IRS has said they will only allow the tip deduction if it’s reported on a 1099-K, which are typically issued by the company you use to process client credit cards. Technically you’re still allowed to take cash tips. You just can’t claim the tips deduction if you do. 👎 Something to consider is you have to meet th
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Michelle Cook on Instagram: "Heads up Sch C filers! If you’re taking tip…
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