Tag: Business Tax

Gifts to Employees – Taxable Income or Nontaxable Gift?

Gifts to employees are a traditional way to thank people important to your business, but the IRS says certain types of gifts are taxable, and following the rules can prevent a spoiler later.

Follow IRS rules for holiday gift giving

If you run a business and your good cheer includes giving gifts to employees or customers, the IRS has been thinking about you. Here is a brief guide to the rules.

Livestock – Depreciate? Inventory? Sell?

Livestock held primarily for sale by for-profit farmers must be included in inventory. However, livestock held for draft, breeding, or dairy purposes can either be included in inventory or depreciated. Learn more.

Accountable Plans Can Save You Taxes

This article discusses the basics of accountable plans. What are the requirements? What are the alternatives? How do you set up an accountable plan? Read this article for Accountable Plans 101.

SEP Pension Plans Offer Flexibility for Businesses

Simplified Employee Pension Plans (SEPs) allow unusual flexibility for businesses that operate on cash-basis accounting and generally can only recognize expenses for tax purposes when they are actually paid.