Are Credit Card Rewards and Cash Rebates Considered Taxable Income?

By MoneyBlueBook

Reward credit card and cash back rebates are great because you get to earn money and receive what is essentially a discount for making ordinary everyday purchases. Today I decided to review my credit card accounts and convert some of my accumulated reward points into usable cash back and retail gift cards. For my versatile Fidelity Investment Reward Card, which earns me 1.5% back on all purchases, I converted 5000 World Points into a $75 deposit towards my linked Fidelity trading account. I also redeemed 40,000 of my total balance of 46,155 Citi Thank You points into four wonderful $100 retail gift cards. I chose to receive high value rewards with the best ThankYou redemption value, and picked out gift cards from Marshalls, Macy's, and Gap. Looks like I'll be going bargain clothing shopping again in the near future in about 1-3 weeks when they arrive.

Am I Supposed To Report Credit Card Rewards and Cash Rebates On My Tax Return?

My reward redemption routine is a ritual that happens at least once every year. Over the years, I've earned quite a tidy sum of credit card rewards comprised of cash back, rebate points, airline miles, and gift cards. But I've never listed the earnings as taxable income on my federal income tax return or reported a single cent of my rebate earnings to the Internal Revenue Service (IRS). I simply haven't given it much thought until recently. For the last few years I've probably pulled in at least $3,000 worth of personal credit

By MoneyBlueBook

Updated - The IRS has released the official 2008 Economic Stimulus Payment Schedule.

Also, read about the prospects and chances of an Obama stimulus check for 2009.

Based on the substantial traffic and comments I've been receiving for the article I wrote explaining and breaking down the details of the 2008 Stimulus Rebate Package, it's clear that everyone in the United States is concerned about their rebate checks. Everybody wants to know how large their own tax rebate check will be and when they can expect to receive it.

There are many questions to be answered and I've been trying my best to respond to them all. While most questions have been straightforward, others have been slightly more complicated with issues relating to Chapter 7 and 13 bankruptcy filings, or issues relating to wage garnishment and student loan liens. But I will continue to do my best to answer your flurry of tax rebate comments and e-mails.

Visit The IRS Website For The Official Source Of Tax Rebate News and Updates

While I can't necessarily state that all answers that I provide are definitive, I do try my best to answer accurately based on research and reasonable information. One thing I have noticed is the vast amount of misinformation and speculation that is available on the internet. There seems to be much conjecture and rumors surrounding the tax rebate, particularly as it relates to timetable and the order that the checks will be sent out. I wish to remind readers that the only definitive source

By MoneyBlueBook

As one who used to practice law as an attorney, I've only had a smattering of exposure to ambulance chasing - the layman's term for legal work that embodies mostly straight forward and very lucrative personal injury type cases. However based on the exposure I've had, I still retain some pretty strong opinions in counter response to persistent public calls for handicapping the wheels of litigation and placing caps on large damage awards.

Much of this anti-lawyer sentiment is based on mainstream public mistrust of trial attorneys and the work that they do. While I agree that our population has evolved into a society a bit too obsessed and even paranoid about lawyers and lawsuits, I think the passionate furor and lemming-like disdain of litigation beguiles its importance as one of the key cornerstones of what makes our country so democratic and free. Lest we forget, it is because of our pro-litigation society that our businesses and services have been able to consistently deliver such quality and corruption free excellence. Not all of society and the business world will forever remain pure and blameless, but should their actions harm or damage any person or entity, we as Americans can always rest assured that the offending parties will be held accountable. No where else in the world is there such a reliable guarantee in place.

A Pro Litigation Society Protects Quality and Advances Our Individual Rights and Freedoms

I frequently hear and read about writers and individuals who like to complain about lawsuits and denounce those who file claims

By MoneyBlueBook

I don't mind giving gift cards as presents on occasion as I don't see them as inherently evil. While the perception that they are somehow classier or more convenient is silly and misguided, they do serve a useful purpose for particular situations and for certain limited occasions. Of course, my biggest problem with gift cards is the fact they are rarely used right away by recipients including myself. I've received gift cards in the past but they've always sat in my wallet for months before I finally got around to using them. Perhaps it's because I am accustomed to doing most of my shopping online, but I can never seem to find the right time to use up the cards. The longer the cards remain unused, the more money is wasted, and the higher the likelihood that expiration and maintenance fee problems may arise.

A Gift Card Is Nothing More Than A Zero Percent Interest Loan

Unlike giving cash as presents, when you buy a gift card today and redeem it in the future, you're essentially offering the gift card company an interest free loan, whether it be with Best Buy, Starbucks, or Macy's. When one of these companies issues you a prepaid gift card, they've already taken your money and given you a gift card claim ticket towards future purchases in that amount. Until you request for redemption, they have no obligation to pay the amount back as merchandise. Meanwhile they get to benefit from the earned interest on the amount you

By MoneyBlueBook

Exclusive Share Builder Promotion Code For New Applicants!

Sign up with ShareBuilder today to take advantage of their $25-$50 promotional offers for new accounts before they expire. The ShareBuilder bonus codes listed below are for new individual customers. While some people have been able to successfully open up several ShareBuilder accounts and earn multiple new account bonuses, the policy technically limits such bonuses to just one.

If you are a Costco member, you may be entitled to special Costco Member Benefits for new ShareBuilder customers by using this link - they are worth even more! If you are a Costco Executive Member, use code: COEXECWALL08, to earn $90. If you are a Costco Gold Star or Business Member, use code: COGOLDWALL08, to earn $70. All non-Costco members should use the following table of codes to claim their free bonus money for new accounts:

ShareBuilder Promotion Code(s)

Bonus Money

25WOLS
$25

ShareBuilder is still currently offering $25-$50 cash promotions to new ShareBuilder broker customers who fund their accounts with at least $50 of their own money or make at least one purchase transaction on their accounts (terms vary). Taking advantage of this free offer is relatively straightforward as ShareBuilder's basic accounts have no minimum balance requirement, which means you can maintain your account with any amount of money you wish. Basic accounts also have no inactivity or subscriptions fees.

For a few years now, the company has become a popular online discount broker option for many new investors. Most people

By MoneyBlueBook

Are you a wireless bandit? I was - back when I was just a poor cash-strapped student during my graduate school days. I know many of you out there have "borrowed" your neighbor's Wi-Fi (wireless fidelity) internet signal before to save a few bucks. Maybe you just moved into your new apartment or house and haven't had time to set up DSL or cable internet yet. So what's your take on the moral and legal implications of using someone else's wireless connection? Fortunately I am a working adult now with my own broadband connection so I don't have to face this dilemma anymore. But is the practice of tapping into your neighbor's Wi-Fi connection from the confines of your own home wrong? Is it some type of piracy or wireless theft, or is it merely receiving a free benefit that has either been knowingly or neglectfully dumped into the public domain?

I Don't Have A Moral Problem With Accessing Someone Else's Publicly Available and Unsecured Wireless Signal

Currently I have my own broadband service through my internet provider, Comcast. Thus I have no regular need to piggy back on someone else's wireless signal, although I can see when the emergency occasion may arise, particularly if my internet connection ever went down. Rather than driving to the local library to use one of their free public computers, I may just find it more convenient to search for stray unsecured signals and temporarily utilize one. Besides, I wouldn't even know how to go about tracking down the location