Some Americans believe they can skip reporting their first $25,000 in tips under President Trump’s new tax proposal, but it could cost them later.
John and David Auten-Schneider, co-hosts of Yahoo Finance’s Living Not So Fabulously podcast and creators of the Debt Free Guys, explain how underreporting tips could reduce Social Security and unemployment benefits.
To watch more expert insights and analysis on the latest market action, check out more Wealth here: https://finance.yahoo.com/videos/series/wealth/
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