Children are truly a blessing; adorable bundles of joy and, as Scripture says, heritage from the Lord.
BUT… a quick reminder: If your baby shower or welcome gift came from a business account, the taxman sees it too and he loves babies … because they come with taxable benefits.
Yes, even teddy bears and tiny socks can be considered income in the hands of the recipient. So if you’re deducting it as a business expense for tax purposes, be sure to tax the beloved, (and sleep-deprived) recipient too.
Let’s celebrate new life and also ensure our taxes are properly born
– Update by Lazarus Amukeshe, Hdip Tax
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