Where to I enter store refunds given to me from purchases that I have made for my business?

[matt@handymattso]

on turbo tax business sch c where do i enter store refunds given back to me for purchases made?

[JohnB5677]

For those running a small business, credit card rewards may have tax implications. If you buy something for your business and deduct it on your taxes, or sell it later, the dollar amount you need to use for calculating your business’ deduction or profit should be the price you actually paid after discounts and rebates—including credit card rewards earned on the purchase. This also applies to items paid for with rewards points.

Though businesses don’t need to pay tax on the rewards directly, they may still pay a bit more in taxes since they can only deduct the net cost of an item rather than the full value.

[Mike9241]

to the extent taxable reduce the cost of purchases or enter on line for other income.