gift for her from you image
sdj4ever
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.
Answer
A laptop, an ipod, an MP3 player, sneakers or a prepaid credit card or gift card.
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 ?
Hillbilly
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 ?
Answer
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.
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.
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