What is a budget?
A budget is a plan. It is a road map for how you are going to spend your money. It is NOT an analysis of how you HAVE spent your money. A budget is looking FORWARDS. It is NOT looking backwards. It is finding the facts of how you have been spending your money only so that you can create a plan to modify your spending in the future. It is making sure that you have money set aside for FUTURE YOU. It is planning ahead for expenses, like new brakes on your car, a new hot water heater, or having someone come clean your gutters and mow your lawn. It is figuring out what your NEEDS are vs what your WANTS are. It is how you figure out how much money you have to spend on your LIFESTYLE, after covering all of your NEEDS. It is achieving your lifestyle goals, like a family vacation, by putting aside money every month to get them.
I HIGHLY recommend that you take part in my FREE 5 day Series called the “5 Day Budget Makeover” to really dig deep into what EXACTLY a budget IS and what it IS NOT.
Can You Write Off Gifts Purchased for your Employees?
Yep. You bet. You can claim 100% of client gifts against your income.
If you give a non cash gift it is deductible for you and non taxable for your employee given that it meets certain requirements. The requirement are that the gifts are under the $500/per year limit on gifts to employees and they must be for a special occasion such as a religious holiday, birthday, or wedding etc
Will your employee have to claim your gift on their income tax if you give them cash?
If you gift cash or near cash such as a gift card then the amount of the gift is deductible to you and needs to be included in your employee’s income.