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No, but... If you the cash back was paid for the purchase of an item that you are deducting (such as a business expense), then you have to reduce the deducted amount by the cash back paid for that item. Cash back payments are not taxable for their own sake, because you had to purchase something to get them, so they are just like discounts on the items purchased.
What else can I help you with?
How much is the American Express cash back?
The UK American Express Cashback is, (with the Platinum Cashback card), is 5% cashback on up to êÑÔ_ê_Ô£2,000 of purchases in the first 3 months of Card Membership. There's also a 1.25% cashback on almost every pound you spend, however terms and conditions do apply.
How can you figure out what portion of your income is taxable?
In order to determine what portion of your income is taxable you will need to look at a schedule from the IRS. The IRS provides these updated schedules annualy and your taxable portion is based on the amount of money you make and any dependants you may have.
What is the IRS form 1098 used for?
The IRS 1098 form is used to report mortgage interest and other expenses related to one's mortgage to the IRS. If more than a certain amount is paid in a taxable year, the taxpayer may be eligible for deductions to her taxable income.
Is mileage reimbursement for an executor of an estate taxable?
No it is not considered taxable. As long as the reimbursement meets the current IRS standards, it is not considered income.
Is a 4 dollar per delivery payment to a driver for a Chinese restaurant considered taxable income or a reimbursement by the IRS?
It is simply taxable income, whatever he gets paid however you want to call it......the IRS does NOT reimburse...nor could i imagine what you think they would reimburse for?
How much cashback does the Asda Credit Card provide for purchases?
The Asda Credit Card provides unlimited cashback by 1 (one) per cent on any shopping done at Asda stores and petroleum stations. Half a per cent cashback is given for other purchases.
What are some of the top credit card companies that offer cashback on purchases?
There are so many companies that offer great cashback deals on purchases these days. Some of the highest rated cashback credit cards currently include Capital One, Bank of America, Chase, and American Express.
What are the benefits of the cashback twenty system?
The benefits of the cashback twenty system include earning money back on purchases, saving on expenses, and potentially increasing overall savings.
Is a relocation settlement taxable by the IRS?
Relocation settlements are taxable by the IRS. If an employer pays them to relocate an employee, they must be included in with the employees gross income total.
What is the overall review of CouponCabin's cashback program?
The overall review of CouponCabin's cashback program is positive, with many users finding it easy to use and offering good savings on purchases.
How much is the American Express cash back?
The UK American Express Cashback is, (with the Platinum Cashback card), is 5% cashback on up to êÑÔ_ê_Ô£2,000 of purchases in the first 3 months of Card Membership. There's also a 1.25% cashback on almost every pound you spend, however terms and conditions do apply.
How can you figure out what portion of your income is taxable?
In order to determine what portion of your income is taxable you will need to look at a schedule from the IRS. The IRS provides these updated schedules annualy and your taxable portion is based on the amount of money you make and any dependants you may have.
Is free rent considered taxable income?
Yes, free rent is generally considered taxable income by the IRS.
What are the cashback rates available on purchases made with a Capital One Platinum Visa credit card?
Capital One offers cashback on its Platinum Visa credit cards. Currently, the cashback rate for purchased made with the credit card amount to 1.5 percent per purchase.
What is the IRS form 1098 used for?
The IRS 1098 form is used to report mortgage interest and other expenses related to one's mortgage to the IRS. If more than a certain amount is paid in a taxable year, the taxpayer may be eligible for deductions to her taxable income.
What is the cashback loophole and how can it be utilized to maximize savings on purchases?
The cashback loophole is a strategy where you make a purchase using a cashback credit card, then return the item and receive cash back instead of a refund to earn more cashback than the original purchase amount. This can be utilized to maximize savings by effectively getting more money back than what was spent on the purchase.
Is mileage reimbursement for an executor of an estate taxable?
No it is not considered taxable. As long as the reimbursement meets the current IRS standards, it is not considered income.
