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Tax Tips Small Business
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Employee Meals: When Does the 50-Percent Limit Apply?
Don't reduce your deduction if you aren't required to
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In most cases, an employer is only allowed to deduct one-half of the expense that is paid to employees for meals. However, in some instances, the full amount is allowed.
Small Business Quick Tip
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Employer Provided Education
Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify.
Thursday, 17th January 2019
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Tax Tips Personal
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Making Gifts
Know what gifts are taxable
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When an individual receives a gift, whether cash or property, the gift is generally not taxable to that individual. Sometimes, however, the gift giver may incur a gift tax liability when making certain gifts. If you make a gift to family members or other individuals, you can give $14,000 or less in value to a single individual during the year
Personal Quick Tip
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Roth IRA Contribution
You can actively participate in your employer's qualified plan and may still be able to contribute to a Roth IRA. A deduction for contributions to a traditional IRA may be limited or nondeductible if you are a participant in a qualified retirement plan.