KJ Nichols, CPA wrote:
- quote -

I do not want a rebate, from a purchase to artificially
'boost' my income. Accordingly, I prefer, to reduce the
expense/deduction, by the rebate amount. I document this
very explicitly on my deductions spreadsheet. Of course,
I don't know much about accounting. If this treatment is
illegal, or just plain WRONG, I can adjust my behavior.
Can I continue as I have been?

Thank you,
cardinal24

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Cardinal24 wrote:

- quote -

You should seperate the transactions. Book the expense or
asset at the original cost and treat the rebate as
miscellaneous income.

That is assuming you are not mixing personal & business
expenditures on the same credit card.

In your printer example, you should have booked 120.00 to
fixed assets and depreciated it or used Section 179 to
deduct the cost and included the 30.00 in income.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I guess I could just declare it as income, but that doesn't
feel right. I didn't earn it by programming (my job).

When I get rebates, I just reduce the deduction by the
amount of the rebate. For example, if I buy a printer for
120.00 and get a rebate of 30.00, I claim an expense of
90.00.

I don't know how to deal with these Cash Back Rewards
Checks.

Any suggestions please?

Thank you

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >