Payments Pursuant to a Divorce Settlement:Alimony is not a gift, but rathertaxable incometo the recipient (payee) and a tax-deductible contribution to thepayer. Property transfers within a year of a marriage's termination and related to that termination are deemed pursuant to a divorce decree an...
There are two main categories forbenefits: taxable and non-taxable. Although they are both benefits, they are not the same when it comes to payroll and income tax responsibilities. As a small business owner, it is important that you have an understanding of taxable benefits as they relate to...
Profits From the Sale of Wedding Gifts If you decide you don’t want a wedding gift and sell it later, you may need to report the proceeds as taxable income. For example, say your grandmother gives you an antique vase as a wedding gift. She originally bought the vase for $50, but yo...
Rewards that are given away as part of new banking account recruitment drives are considered income and can be taxed. If the value of those taxable rewards is more than $600, banks are required to send 1099 tax notices to both the IRS and the rewards recipient.creditcards.com...
These taxes only affect those who leave behind a significant amount of money and property upon their death or who make gifts of substantial value during their lifetime. Unless you are in the top 2 percent of the wealthiest Americans, these taxes are not likely to be of concern to you. ...
Are gift cards taxable? First, the technical stuff This IRS has rules on employee gifts and benefits, like gift cards. A gift card, or gift certificate, is a type of fringe benefit. Fringe benefits are benefits you can give employees in addition to their regular wages. A fringe benefit ...
The birth of a child is not just a blessed event; it's the beginning of a whole new set of tax breaks for your family. Learn how the newest addition to your family can help trim your tax bill, and how to save for your child's future in the most tax-effic
Gifts Are Not Income If you get a gift card as an actual gift -- as a present from a family member or friend, say -- then it's not taxable income. You don't have to report it or pay taxes on it. There is such a thing as gift tax, but it's paid by the person giving a ...
Business expenses are costs incurred in the ordinary course of business. They are subtracted from revenue to arrive at a company’s taxable net income. Business expenses are also referred to as deductions. Every business, from the consultant working from home, to the smallest corner store, to ...
half on January 1, 2026, it will be crucial for family offices to advise their clients on making use of the increased exemptions before that date. Not only will gifted assets be removed from the taxpayers’ taxable estates, the assets’ future appreciation will also avoid gift and estate ...