As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions.
With Christmas just around the corner, the holiday season is upon us. At this time of year, your business may want to show its gratitude to employees and customers by giving gifts or hosting holiday parties. Now is a good time to brush up on the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to the recipients?