topic Re: IRS Payments in Personal Finance

IRS Payments

IntegerIntrovert — Fri, 15 Jan 2021 09:55:19 GMT

Just wanted to solicit any random ideas on this one.

I will be owing about 50k in personal taxes for 2020 (sale of S-Corp shares). I have the cash today, but I wanted to see if there were any creative ways in paying to leverage my credit lines or rewards. In essenance I'd like to get something out of it rather than just paying with a check. I'd like to use this spend to increase my CLI's if possible also.

Tools

AMEX Gold 10k POTL

USB Cash + 9000

USB AR 9000

USB AGO 9000

Apple 5000

Others, but not relevant..

Re: IRS Payments

Anonymous — Fri, 15 Jan 2021 13:04:33 GMT

It costs nearly 2% to use CC for taxes on the payment sites

Only way it'd be worth it is if you have bonuses to hit; from the top of my head Amex Biz Platinum 110k MR/15k spend comes to mind

Re: IRS Payments

cashorcharge — Fri, 15 Jan 2021 17:12:44 GMT

@Anonymous is pricesly right!

Unless you're going to app for something and need to hit a point, you'll come out about equal.
I have used this before to get some activity on cards that need it in my rotation but in the end, there's no net positive unless you have something over 2% in return