Tax & Accounting
Tax on Gifts?
A personal gift is not includible in the gross income of the recipient, or donee, of the gift; however, gifts exceeding the annual exclusion for gifts ($14,000 in 2013) may be subject to gift tax, which is the responsibility of the maker, or donor, of the gift. Whether a gift is subject to gift tax will depend on the donor’s total lifetime gifts.
Is there a way to best determine which number we should list for withholding on our W-2?
Determining withholding allowances: If you and your spouse have W-2 jobs, then it is advisable for both of you to complete Federal Form W-4 and its worksheets and your state’s Form W-4 at the start of every tax year to determine the proper number of withholding allowances to claim.
Should I purchase my own work vehicle?
Personal vs. business vehicle: The business use of a vehicle is a tax deductible expense, whether the vehicle is owned or leased personally or by a business. Also, due to the potential personal income tax implications, vehicles are not typically owned by corporations or other business entities unless the business use (mileage) is substantial (80% or more, for example).
- « Previous
- 1
- 2
- 3
More from Tax & Accounting
Top Articles in This Category
Stay up to date with
