Although most people think of credit and deposit account rewards as free perks, they’re not “free” in all cases. Depending on how you earn them, rewards points, cash back, and travel miles could constitute taxable income. There are some situations where you have to report these benefits on your taxes—and failure to do so can land you in hot water with the IRS.
Do You Owe the IRS for Rewards Points and Cash...
Depending on how you earn them, rewards points, cash back, and travel miles could constitute taxable income. Here are the situations that matter to the IRS.accountantvip
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