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Gift Tax

cany10011

By cany10011
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cany10011 Grand Master

cany10011

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I just learned about my bonus this year and was wondering if I can offer an escort a "bonus" as a means to offset some taxes for 2015. I read up on gift taxes and the amount that the IRS will take notice of is 14,000 or more for 2015 Of course, i have placed a call to my tax accountant but was wondering if anyone has set up a situation like this with a nephew or niece or friend...

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Truereview Grand Master

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I just learned about my bonus this year and was wondering if I can offer an escort a "bonus" as a means to offset some taxes for 2015. I read up on gift taxes and the amount that the IRS will take notice of is 14,000 or more for 2015 Of course, i have placed a call to my tax accountant but was wondering if anyone has set up a situation like this with a nephew or niece or friend...

Cany, congrats on the bonus. You sound excited. does your employer have some sort of deferred comp program? If so, read thru the requirements and if you qualify, consider enrolling. Your tax accountant should be able to advise you on this so you are not in this pickle next year. Also, you may need to read up on the rules on what is considered a family member on gifting guidelines and the facts on gifting taxes. Enjoy!

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BtmBearDad Veteran

BtmBearDad

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Jawjateck is correct - I use the gift rules each year too. Gifts to individuals of up to $14K per year each are non-taxable (give an individual over $14K and you as the giver will incur a tax liability, but who you give it to will not) however, the gift(s) will not lower your overall liability like gifts (donations) to a 501©(3) would.

I echo what Truereview said - look into your deferred comp program if your firm offers one. Usually, you are able to shift part of your bonus into deferred comp thus lowering your liability. Nonetheless, congratulations on your bonus Cany!

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tedbear Contributor

tedbear

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My former company used to be famous for its December bonuses--20% of your yearly salary were normal if you'd done a good job, 25% if you'd excelled. VP's and up got even more. I'd often celebrate bonus day with an escort that night while all my co-workers were out getting drunk. Alas, they began to look at an IPO and that was the end of our famous bonuses. We all got a good one-time raise to make up for the loss, but that didn't equal things out.

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cany10011 Grand Master

cany10011

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Thanks to all for your advice. Still awaiting callback from my accountant. Anyhow, hope everyone has fun this holiday and in the new year! I'm off to Toronto (home) for a week and then i'm going to my friend's beach house in charleston for a weekend break followed by a work trip to miami in mid-january, then paris late january for the winter sales :)

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jawjateck Veteran

jawjateck

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Thanks to all for your advice. Still awaiting callback from my accountant. Anyhow, hope everyone has fun this holiday and in the new year! I'm off to Toronto (home) for a week and then i'm going to my friend's beach house in charleston for a weekend break followed by a work trip to miami in mid-january, then paris late january for the winter sales :)

 

Let's see.....year end bonus, Toronto, Charleston, Miami, Paris. Dang, your life's a mess. :p

 

Have fun, cany!

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Truereview Grand Master

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Don't forget to visit 82 Queen for lunch or brunch (best biscuits ever) and Magnolia for dinner.

Hey fluff, r u talking about Magnolias (plural)? If so, loooooooove their fried green tomatoes, the mac & cheese,and the peanut hummus! And the blue crab bisque....lord

 

Jawja - pimento cheese fritters. & the she crab soup @ Poogans!

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FreshFluff Grand Master

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Excellent suggestions, Fluffy, and consider adding Poogan's Porch to the list, two doors over from 82 Queen. Their gator is the best I've ever tasted.

 

I'm getting hongry. :)

 

I remember walking by there; I'll try it!

 

I'm glad I just ate, or I'd be hungry too. You just can't get that kind of food up north. :(

 

Hey fluff, r u talking about Magnolias (plural)? If so, loooooooove their fried green tomatoes, the mac & cheese,and the peanut hummus! And the blue crab bisque....lord

 

Yes indeed. Love their grits, biscuits, and crabcakes. Those are my favorite southern dishes, and I can never get enough. But I might try those dishes too..

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AdamSmith Grand Master

AdamSmith

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You just can't get that kind of food up north. :(

Not to say a needlessly kind word about NYC :D but there is the deservedly storied Sylvia's on Malcolm X Blvd., and at least one or two worthy competitors to it in Harlem, and a handful of more than credible Southern style restaurants (of various regional cuisines) scattered across Manhattan.

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Truereview Grand Master

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Not to say a needlessly kind word about NYC :D but there is the deservedly storied Sylvia's on Malcolm X Blvd., and at least one or two worthy competitors to it in Harlem, and a handful of more than credible Southern style restaurants (of various regional cuisines) scattered across Manhattan.

And you can always enjoy Sylvia's Sunday gospel brunch or the Brunch remix on Saturdays with unlimited mimosas!

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FreshFluff Grand Master

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Not to say a needlessly kind word about NYC :D but there is the deservedly storied Sylvia's on Malcolm X Blvd., and at least one or two worthy competitors to it in Harlem, and a handful of more than credible Southern style restaurants (of various regional cuisines) scattered across Manhattan.

 

I have yet to try Sylvia's or its competitors in Harlem, as I was thinking of low country food in particular. In lower Manhattan, there's Empire Biscuit, Acme, and a few others, but I have yet to try anything that approaches what one can find in Charleston. Georgia Brown in DC comes close.

 

If you know of any place that has biscuits of that quality, please lmk. I'd love to try it.

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cany10011 Grand Master

cany10011

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Excellent suggestions, Fluffy, and consider adding Poogan's Porch to the list, two doors over from 82 Queen. Their gator is the best I've ever tasted.

 

I'm getting hongry. :)

I've booked reservations for FIG, Husk and Macintosh..... it will be my first time at Macintosh. I'm quite excited! Thanks guys for the suggestions. Yes, Poogan's Porch is great too as is 82 Queen. You guys certainly know your restaurants! I wonder if Pinckney Cafe is still there? They made the best shrimp and grits :)

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