Q. I need a gift for a male that is starting to college in January. He will be commuting so gifts for a dorm room won't work.
A. A laptop, an ipod, an MP3 player, sneakers or a prepaid credit card or gift card.
Is giving gift certificates taxable income to the people that receive them ?
Q. If my company is willing to give out gift certificates to individuals that do not work here but bring us some business, and this business is paid to them as a finders fee by these gift certificates, is these gift certificates taxable income to the person we give them too ?
We are planning on giving $500 gift certificates for outside business, so if one person brings us more than one deal, they get $500 gift certificate for each deal. Just need to know if we give these outside vendors these gift certificates, and they get more than one in a year, are they taxable ?
We are planning on giving $500 gift certificates for outside business, so if one person brings us more than one deal, they get $500 gift certificate for each deal. Just need to know if we give these outside vendors these gift certificates, and they get more than one in a year, are they taxable ?
A. Finders fees are taxable to the recipient, whether received in cash, gift certificates, property, or services. What you describe is not a gift, it is a payment. Finders fees are deductible as a business expense by your company. You should issue 1099MISC to the recipients to document your expense.
If you construe the gift certificates as business gifts, your company may deduct $25 per gift recipient per year.
If you construe the gift certificates as business gifts, your company may deduct $25 per gift recipient per year.
What gift card could a teacher make use of the most?
Q. I want to give 3 of my teachers end of the year gifts and was thinking gift cards (around 10 bucks each) and a nice handwritten thank you note. Before I go out and get some gift cards I wanted to get an idea about what teachers would appreciate or make use of the most. Should I go with fun stuff like their favorite restraunt, coffee place or bath and body works, or should I go with Barnes and Noble or Staples kind of stuff? Thanks!
A. Get gift cards that remind you of the teacher. Get them something you know they would like and is fun.
Perhaps you could get them Visa gift cards - that way they can spend it in any store. I believe you can pick those up at stores like Wal Mart.
That's so sweet of you to do. Definitely include the handwritten note - I would cherish that if a student gave me one :-)
Perhaps you could get them Visa gift cards - that way they can spend it in any store. I believe you can pick those up at stores like Wal Mart.
That's so sweet of you to do. Definitely include the handwritten note - I would cherish that if a student gave me one :-)
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