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Discuss what's fucking going on, and which programs are best and worst. One-time "program" announcements from "established" webmasters are allowed. |
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#1 |
Confirmed User
Join Date: Jan 2002
Location: Carpal Tunnel
Posts: 2,616
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Tax On Your AMEX Points!
My auditor has just informed me that I will be paying a taxable benefit on my AMEX points!!!
I primarily use my AMEX for business and end up getting a free vacation every year out of the deal. NOW I have to pay tax on the dollar value of the points. I was always under the impression that this was a "grey area" for the taxman but nope. I have to pay tax on all the points I have cashed in. Over a million points!
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#2 |
By the wrath of Agamemnon
Industry Role:
Join Date: Apr 2004
Location: Miami
Posts: 6,501
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You get a special tax form from AMEX which declares the value of the used points.
It is taxed like gifts.
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#3 |
No commissions, no fees.
Industry Role:
Join Date: Apr 2003
Location: USA
Posts: 17,706
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If your business uses the points, you should consider the points as a refund. After all, your company paid for the points. Why pay taxes for something you paid for?
BUT, if you use the points for personal use, you do need to pay a gift tax on them. |
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#4 |
Registered User
Industry Role:
Join Date: Jan 2004
Location: Ontario
Posts: 3,916
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You can take me on vacation and Write it off! I Don;t cuddle though
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#5 |
[----------------------]
Join Date: Aug 2001
Posts: 14,486
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thats no good
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#6 |
Pounding Googlebot
Industry Role:
Join Date: Aug 2002
Location: Canada
Posts: 34,482
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Is there a way you can claim the use of those points as a business expense? If not, then unfortunately you benefited from something the company earnt which is taxable. I hate it as much as you do, thankfully I've never cashed out any reward points (yet). I do have a lot of points stored in the bank so to say though
![]() WG
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#7 |
IslandDollars.com
Join Date: Oct 2004
Location: Icq: 176176
Posts: 12,188
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ISLAND DOLLARS 1000's of Exclusive TS scenes / Constant Updates Best TS Network your surfers will ever join |
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#8 | |
Vrume Mark
Industry Role:
Join Date: Jan 2001
Location: Toronto, Canada
Posts: 20,912
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Quote:
DH |
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#9 |
Confirmed User
Join Date: Jan 2002
Location: Carpal Tunnel
Posts: 2,616
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Yeah it's always been considered a grey area in business. My guy said that most people only spend 1K per month or less so they don't sweat the points. I spend much much more than that so my points add up fast. All my hosting, travel hardware, software etc get charged to my AMEX monthly.
Now I have to pay about $6000 for the benefit those points awarded me. Let this be a lesson to the rest of you. Use your points for business purchases and you will be ok.
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#10 |
Confirmed User
Join Date: Aug 2002
Location: East Coast.
Posts: 2,251
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Even though you are a tax evading criminal I still care for you.
- J |
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#11 | |
Pounding Googlebot
Industry Role:
Join Date: Aug 2002
Location: Canada
Posts: 34,482
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Quote:
Damn, does Amex report to the CCRA when you cash them out? During my audit, it never came up, although I didn't redeem any points so I guess I'm safe for now. I'm sure if he saw my visa statements and my total points dropped he would have noticed that. But so long as you use your reward points for business use it would be fine or would that be considered taxable income for your company (as opposed to a personal benefit in your case)? WG
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#12 |
Confirmed User
Join Date: Jan 2002
Location: Carpal Tunnel
Posts: 2,616
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He just spotted them getting cashed out on my monthly statements. I cash them out every year so they wind up on the statements.
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#13 |
Confirmed User
Industry Role:
Join Date: Dec 2001
Location: Portland, OR.
Posts: 6,034
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I love my Amex and Citibank points! I think I am a point Whore
![]() We cash in well over 2 million a year and I am having our ups rep work on charging our weekly bill to a company card also.. Back and forth on that one as ups didn't want to have to cover the 2% merchant fee ![]()
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ICQ: 52344098 -------------------------------------- 50% Commissions on all Product Sales. http://www.wishing.com/money |
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#14 |
Registered User
Join Date: Nov 2004
Location: Toronto
Posts: 42
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Fuckers!
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#15 |
No commissions, no fees.
Industry Role:
Join Date: Apr 2003
Location: USA
Posts: 17,706
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You don't pay taxes on something you paid for. What part of that don't you understand? -lol
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#16 |
lol
Industry Role:
Join Date: Jan 2002
Posts: 15,969
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::laughs and points::
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#17 |
Registered User
Join Date: Nov 2003
Location: Somewhere in the swamps of Jersey
Posts: 50
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