Question
Are these actions taxable? If yes, where would it go on tax return? (2020) 1. Sarah made a $200 donation to the American Red Cross
Are these actions taxable? If yes, where would it go on tax return? (2020)
1. Sarah made a $200 donation to the American Red Cross in support of its COVID-19 relief efforts. 2. Sarah is a 50% owner in a friends company, Bright Day Flowers, Inc. Bright Day Flowers, Inc. (BDF) is a Subchapter S corporation. The company reported ordinary business income for the year of $22,000. Sarah acquired the stock several years ago. Sarah worked a total of 600 hours at the BDF shop in the evenings and on the weekends during 2020. Bright Day Flowers, Inc.s employer identification number is 56-3535353. 3. Sarah entered a contest sponsored by a radio station and won 10 gift cards to various restaurants. The value of the gift cards was $200 each. Sarah gave several of the gift cards away to her coworkers.
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