CHARLOTTE – Can I write off a cash gift on my taxes?
The answer to that question is: YES. You can give a person a financial gift without the need for that person to report it. The maximum amount a person can give to “any number of people” as a gift is $16,000 in a year without the receivers claiming the money as taxable income. The person who receives the $16,000 gifts from numerous givers “DO NOT” have to claim the individual sent gifts as income!
As a person who is the giver of the $16.000 gift to an individual you cannot deduct the gift on your personal taxes unless the gift is given to a licensed Charity, but as a company you can deduct the gift from your Profit & Loss Statement for your business taxes. (Call Mays Concepts for more details)
If your company experienced a financial surplus and you need to lower your tax liability then think about a local sole proprietor small business owner. They are working very hard to make ends meet during these harsh times of inflation and could use the assist to make their monthly and annual budget.
Local Small Businesses like Mays Concepts LLC, Mint Hill Coffee, The Hill Bar and Grill, Spotlight Performing Arts Academy, Tiffany’s Pet Saloon, Woof n Hoof and Daphne’s Bakery plus countless other Shop Local Businesses you visit in our community. Non-Profits in our area receive local government grants on a continuous basis for sustainability like the Mint Hill Arts, Mint Hill Chamber and Servants Heart to name a few. A donation to Servants Heart will be a charitable deduction.
Gifts that are over the $16,000 a year or gifts received from a foreign source will need to file the Gift Tax IRS form 709 for reporting.
For more information about this article then contact Mays Concepts, LLC at (704) 526-0307, email us at email@example.com, or visit/like our Facebook page https://www.facebook.com/MaysCon
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