CONTACT US
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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
Your Business...Your Family...Our Concern
QUESTION:
Are cash or point rewards I earn from my credit card taxable?
There are exceptions. For example, if you receive a cash or points bonus simply by opening an account, it’s taxable if there are no spending requirements attached.
Keep in mind that these rules also apply to bank accounts. If your bank gives you $500 for opening a savings account but doesn’t attach any spending requirements, generally this will be considered taxable income.
Purchasing equipment generally means you’ll recover the cost through annual depreciation. This spreads the cost across the equipment’s useful life. But now, through December 31, 2022, purchasing certain equipment will allow you to write off the entire cost in the year you start using the equipment.
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