Credit Card Rewards Program

Did you know that cashback from your credit card rewards program is a taxable income? If you are getting cashback, you need to include it to your income and as a result pay tax on this income. However, there is a legal way around this rule. If you get gift cards or purchase products or services instead of cashback, it is treated as nontaxable purchase rebate. Voila it is not income and you do not have to pay tax on it.

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