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December 28, 2006

On Accepting Gifts

My clients were kind to me this holiday season. I sold many gift certificates and clients brought me gifts. One even gave me a generous sum of money stating that " you should use this to take your husband out to a nice meal." I have many thank you notes to write this weeks. I view these cash gifts as tips given as a lump sum at the end of the year.

Where gifts of money are concerned, it is natural to want to pocket it. However, according to tax code, gifts of money are taxable income and should be listed as such. Some of you may say "ba humbug" at my suggestion. Early in my career, a peer suggested I take cash payments and go pay my electric bill. Remember, if you don't list massages payed in cash, tips, and gifts as taxable income, you are not only breaking the law, you shortchange yourself at retirement in the form of lower social security payments.

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Posted by linda at December 28, 2006 7:26 AM

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