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Cash-back credit cards reward cardholders with a percentage of cash back on some or all purchases. For instance, Discover it cardholders earn 1% or 5% cash back depending on the type of purchase.
From 1954 to 1967, the maximum capital gains tax rate was 25%. [12] Capital gains tax rates were significantly increased in the 1969 and 1976 Tax Reform Acts. [11] In 1978, Congress eliminated the minimum tax on excluded gains and increased the exclusion to 60%, reducing the maximum rate to 28%. [11]
Tips are included with your other wages and salary on lines 1 (cash tips total), 2 (credit and debit card tips total) and 3 (all tips paid out) of Form 1040. Barter Income
To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.
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The big question of whether credit card rewards are taxable came to national attention in 2012, when Citibank issued 1099-MISC forms to cardholders who had received frequent flyer miles as a gift ...
Individuals paid capital gains tax at their highest marginal rate of income tax (0%, 10%, 20% or 40% in the tax year 2007/8) but from 6 April 1998 were able to claim a taper relief which reduced the amount of a gain that is subject to capital gains tax (thus reducing the effective rate of tax) depending on whether the asset is a "business asset ...
Section 183(b)(2) provides that a taxpayer may deduct an amount "equal to the amount of the deductions which would be allowable [ . . . ] only if such activity were engaged in for profit, but only to the extent that the gross income derived from such activity for the taxable year exceeds the deductions allowable [ . . .