Here's how savings account cashback can affect your tax return
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Several financial institutions and payment platforms currently have rewards programs through which they return a portion of the money spent on purchases to users.
(Read: It's official: the regulations for the pension reform law are now final .)
This method is known as 'cashback', a refund model to build customer loyalty .
While this brings benefits to users, it can also be a double-edged sword when it comes to filing income tax returns.
According to the content creator known as 'The Banker's Diary' , Article 631 of the tax code defines cashback as income that accrues to the estate.
(See: Do you have debt with Icetex? Take advantage of the day to forgive overdue interest .)
Depending on the amount or number of refunds, this could be added to the assets and affect the declaration.
Please note that each cashback program has its own terms and conditions. Some even have limits per purchase or month, or may be limited to certain spending categories or establishments.
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