![]() ![]() To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. The Org/FID must be 'HAN' furthermore '5959' respectively. GnuCash now uses AqBanking as a means to handle connections to financial institutions. Plans include income and expense tracking, automatic bank. Or perhaps you want a mix, using "Income" for most things, but a negative "Expense" for those cases where you need to track it separately (such as where something like a charitable contribution may not be as deductible due to the rebate).We strive to provide you with information about products and services you might find interesting and useful. Bank away America OFX service for Online Banking patrons (an OLB ID and Direct Connect enablement is required first) altered last October. GnuCash is an open-source, locally installed accounting software product that's free to use but requires manual data entry. (Perhaps you don't care about the exact type of "Misc other income" and just want it in a generic "Other" category as you're currently doing, or perhaps you want to have a specific subaccount per card, to see how much you're earning in cash from each credit card.)Įssentially, the main thing to consider with any decision like this is "How do I want this to appear in any reports I look at?" Your books will balance no matter what account you assign to the rebate, so it's really just a matter of how fine-grained and detailed you want to keep track of things for your purposes, and if you want them to match whatever your taxing authorities choose for treating it. ![]() I, for example, use Income:Other Income:Credit Card Rebates, though you could categorize it as whatever kind of income you want. Either have a general Expenses:Credit Card Rebates category that you always transfer from, or go through all the effort to actually allocate your rebates to the appropriate category based on what you spent on the card, and have appropriate negative expenses in all those categories. ![]() So, there are two main approaches to dealing with credit card rebates from a personal accounting perspective: ![]() I don't know as the IRS is expecting tracking to that degree, and I'm no tax law expert, but I could see a reasonable argument for it. One might even expect that if you, for instance, made a charitable donation by that credit card, if it's treated as a rebate, the amount that you could deduct for that donation would be 1% less, since that 1% isn't considered to be an amount you paid due to the rebate. This is, if your credit card offers a 1% rebate on purchases, it can be treated as though just all your expenses are 1% lower, just as if the retailer had been running a 1% sale at the time, which would make the rebate not taxable. You can also import an existing account hierarchy from GnuCash desktop. part of the schema just because America has an archaic banking system -). See, for example, this blog post from TaxAct which describes some instances where it seems it may be seen as taxable in some cases, though it may just be seen as a rebate or discount (a "negative expense") in others. Cash, Bank, Stock) to be grouped into one master account (e.g. Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. Hey, so I have been using GnuCash for years, and as a software developer. In the United States in particular, taxability of credit card rebates and incentives is surprisingly not straightforwardly defined. If you're trying to have your accounting match what the tax authorities think about your income, you probably want to treat these payments the same way. Like for anything with personal accounting, it kind of matters why you're tracking the information. ![]()
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