Gain an understanding of various types of income, and whether or not they are taxable.

☑ Boosted Financial Planning
☑ Accurate Tax Filing
☑ Improved Tax Savings

✎ Learn The Facts: Taxes on gifts are typically the responsibility of the giver, not the recipient. If someone gives a financial gift that is not related to compensation for services, it generally does not count as taxable income for the recipient. However, if an employer gives a gift of over $25 to an employee, the gift is no longer tax free and should be reported as income.