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Taxes 2011: Five Things You Might Not Expect To Pay Tax On

The Huffington Post  |  By Catherine New  |  Posted: 02/29/12 07:11 PM ET

Remember: Taxes for 2011 are due on Tuesday, April 17. The IRS has said it plans to issue taxpayer refunds in 10 to 21 days. Electronic filing and using direct deposit can speed up a return.

If you have not yet filed your taxes, consider whether have missed these taxable items.

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Bonus frequent flier miles that are granted as part of a credit card's signing offer are taxable. That's what thousands of Citibank card holders learned last month after the bank mailed 1099 forms to people who earned extra points by signing up for a new card. If you receive a 1099, don't ignore it, said Kay Bell, a tax expert at BankRate.com. The IRS is expecting you to report this income. Earned reward points, frequent flier miles and gift cards that are part of a debit-card or credit-card reward program, however, are generally not subject to income tax because they are considered a rebate for spending.
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