MsTabbyKats Posted March 12, 2014 Report Posted March 12, 2014 Client made interesting comment..... She got cash back from her credit card and was expecting some sort of income statement. I never saw one and assume they don't exist. Is this a glitch in the system? Quote
kcjenkins Posted March 14, 2014 Report Posted March 14, 2014 So far they are not taxing it, it is basically just a reduction of the interest that the card company charges. Quote
Kea Posted March 14, 2014 Report Posted March 14, 2014 From my own experience - cash back on my personal card is treated similar to a coupon that just reduced the price of the various items I purchased. Cash back on my business card is treated is a reduction to my expenses (usually supplies) since it reduced the price of the varies items I purchased and expensed on my Sch C. Quote
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