Myth 1: Gift certificates don't have to be taxed since they're not cash. The IRS tax code section says that gift certificate or debit cards are generally not excludable “even if the same property or service acquired (if provided in kind) would be excludable.” That's why Toyota spends $1 million on Sears gift certificates each year and then pays an additional $920,000 in income taxes so the$1 million will not have to be taxed to employees. Myth 2: As long as you keep it under $400 per ...

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