De Minimus Benefits Any property or service with a relatively low value is excluded from tax on employees – including owners and partners. This includes occasional meals or supper money, local transportation when working late, holiday or birthday gifts, occasional sporting event tickets and traditional awards.
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Business Gifts Deduction
Business Gifts Deduction The tax law puts tight wraps on your ability to deduct year-end holiday business gifts to customers and clients. GIVE TO COMPANIES, NOT INDIVIDUALS Your deduction for business gifts is limited to $25 per recipient. But that restriction applies to gifts to people, not companies. So you can give a company […]
529 Plans & Medicaid Assets
529 Plans & Medicaid Assets THE PROBLEM: When a grandparent contributes to a 529 plan for a grandchild’s education, the grandparent – not the grandchild – is the legal owner of the account. If the grandparent applies for Medicaid, are the 529 funds counted as assets? Also, are such contributions construed as gifts or transfers […]