Black Friday

iVillage Member
Registered: 11-26-2013
Black Friday
876
Fri, 11-29-2013 - 12:24pm

1. Did you do any shopping yesterday or today?

2. Do you have any leftovers? What is your favorite?

3. Do you have a budget for holiday gifts?

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iVillage Member
Registered: 09-01-2002
Wed, 12-04-2013 - 12:37pm

savcal2011 wrote:
  Well, since gift cards are taxable, i'd put them in the bonus category.   And if the company doesn't take taxes out of them, the employee better darn well report them on their taxes.</p><p>A turkey or ham, since it is property and not a cash equivalent, would be a gift. </p>

You and Pumpkinangel just completely disagreed on the gift card from the employer, lol!  I'm with you, Savcal.  It's reportable income.  I would definitely report it and be honest and not cheat on my taxes. 

iVillage Member
Registered: 09-01-2002
Wed, 12-04-2013 - 12:39pm

savcal2011 wrote:
  Well, since gift cards are taxable, i'd put them in the bonus category.   And if the company doesn't take taxes out of them, the employee better darn well report them on their taxes.</p><p>A turkey or ham, since it is property and not a cash equivalent, would be a gift. </p>

You and Pumpkinangel just completely disagreed on the gift card, lol!  I'm with you, Savcal.  It's a bonus, and thus reportable income.  I would definitely report it and be honest and not cheat on my taxes. 

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Wed, 12-04-2013 - 12:53pm

thardy2001 wrote:
You and Pumpkinangel just completely disagreed on the gift card, lol!  I'm with you, Savcal.  It's a bonus, and thus reportable income.  I would definitely report it and be honest and not cheat on my taxes. </p>

No, we didn't disagree at all. 

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

iVillage Member
Registered: 06-27-1998
Wed, 12-04-2013 - 12:58pm

thardy2001 wrote:
<p><blockquote class="quote-msg quote-nest-1 odd"><div class="quote-author"><em class="placeholder">savcal2011</em> wrote:</div>  Well, since gift cards are taxable, i'd put them in the bonus category.   And if the company doesn't take taxes out of them, the employee better darn well report them on their taxes.&lt;/p&gt;&lt;p&gt;A turkey or ham, since it is property and not a cash equivalent, would be a gift. &lt;/p&gt;</blockquote></p><p>You and Pumpkinangel just completely disagreed on the gift card, lol!  I'm with you, Savcal.  It's a bonus, and thus reportable income.  I would definitely report it and be honest and not cheat on my taxes. </p>

No, we both said they were taxable.  However, there are employee gifts that are considered fringe benefits, that are excluded from tax, per the IRS.  I agree with being honest and following the IRS regulations, however turkey seems to think that is a limited experience, a black and white world she called it.  Pehaps it is, who knows?

PumpkinAngel

iVillage Member
Registered: 11-26-2013
Wed, 12-04-2013 - 1:15pm

 I agree with being honest and following the IRS regulations,

And those regulations for many things given as "gifts" at a job are taken care of by the emploYER not employEE.

iVillage Member
Registered: 06-27-1998
Wed, 12-04-2013 - 1:22pm

turkeyday wrote:
<p><span style="font-size:13px; text-align:left"> I agree with being honest and following the IRS regulations,</span></p><p style="text-align:left"><strong><span style="font-size:x-small"><span>And those regulations for many things given as "gifts" at a job are taken care of by the emploYER not employEE.</span></span></strong></p>

If you mean by taken care of = added to the w2 as a fringe benefit so it can be taxed by both the employee and employer, then yes.  However it is the responsibilty of the employee to file and pay their taxes correctly, not the employer.

Is that what you mean?

PumpkinAngel

iVillage Member
Registered: 11-26-2013
Wed, 12-04-2013 - 1:28pm

I mean any gift that is given to us (that is not a taxed check) is taken care of by the employER and nothing has to be filed by the employEE. Just like my company gives away cars for gifts a couple times a year, a few of them. The employEE who wins one does NOT have to pay ONE dime for that car as well as the other people who win money prizes. Everything is taken care of by the employER.

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Wed, 12-04-2013 - 1:36pm

turkeyday wrote:
<p><span style="font-size:13px; text-align:left"> I agree with being honest and following the IRS regulations,</span></p><p style="text-align:left"><strong><span style="font-size:x-small"><span>And those regulations for many things given as "gifts" at a job are taken care of by the emploYER not employEE.</span></span></strong></p>

They should be, yes.  But if the employer does not tax them, the employee should report the income on their own taxes. 

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Wed, 12-04-2013 - 1:39pm

turkeyday wrote:
<p>I mean any gift that is given to us (that is not a taxed check) is taken care of by the employER and nothing has to be filed by the employEE. Just like my company gives away cars for gifts a couple times a year, a few of them. The employEE who wins one does NOT have to pay ONE dime for that car as well as the other people who win money prizes. Everything is taken care of by the employER.</p>

That's the way it should be ... but unfortunately, not all companies know and follow the rules.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

iVillage Member
Registered: 06-27-1998
Wed, 12-04-2013 - 1:40pm

turkeyday wrote:
<p>I mean any gift that is given to us (that is not a taxed check) is taken care of by the employER and nothing has to be filed by the employEE. Just like my company gives away cars for gifts a couple times a year, a few of them. The employEE who wins one does NOT have to pay ONE dime for that car as well as the other people who win money prizes. Everything is taken care of by the employER.</p>

Give aways are not bonuses, winning something in a giveaway doesn't equal receiving a bonus.  I'm not sure I'm following your change of subject here, what does a giveaway have to do with a bonus or gift?

PumpkinAngel

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