Adjunct Professor in Accounting Carlo Silvesti Shares Expertise with MoneyGeek

Long-time faculty member Carlo Silvesti, Adjunct Professor in Accounting, recently shared his expertise in two articles with MoneyGeek. The first article focused on making money by paying taxes with a credit card. Professor Silvesti shared that, despite the benefits to using a credit card to pay taxes, these benefits may be offset by imposed fees or potential interest charges.

He stated that “with careful planning, there are several potential benefits to paying taxes with a credit card, but these benefits come with potential financial pitfalls.”

Read more of Professor Silvesti’s expert opinion, click here.

The second article featuring Professor Silvesti’s expertise focused on whether or not credit card rewards are taxable. MoneyGeek shared that credit card rewards are taxable depending on how they are earned.

“Generally, rewards earned on credit card purchases are not taxable. The IRS views cash back and points rewards as not taxable. The IRS views these as a discount or rebate on purchases,” Professor Silvesti shared with MoneyGeek.

Despite the distinction above, there are exceptions to the rule that Professor Silvesti shared. Read more about taxable versus non-taxable credit card rewards on MoneyGeek.