According to Surana, to stay out of tax trouble, ensure every credit card transaction is traceable back to a legitimate, documented expense or income source.
Maintain a monthly tracker of all card spends by category (personal, business, third-party), reward points earned, and redemption method. Ensure spending aligns with declared income.
Keep receipts, invoices, business reimbursement letters, and bank statements proving the source of funds and the legitimacy of each expense.
