Have you ever used a credit card to pay your taxes?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Property taxes. Easy way to hit min spend on a bonus.  Even with a 1.75% fee.

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Curse them CC fees!!!! Makes me so turned off from using them when paying for taxes  

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Paying property is a 3% charge and late payment is 10%

[CreditCuriosity]

Yes you can pay taxes with your CC although their is a fee assocaited with it.

[taxi818]

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@revvystoke wrote:
I paid a 11k liability last year. From a cash flow perspective it was great. Not to mention I would rather owe a bank then Uncle Sam. The rewards earned was a bonus. Need to keep in mind the % the companies add on. But I plan to do the same this year depending on year end gains.

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^^^^^

this exactly. I paid a total of about 20k on my credit cards. As when i took installment agree with uncle same. The interest rate was atrocious to say the least. Interest plus penalty monthly. Although they say the interest rate is low. I don't know how. from a 7k agreement it was hitting me up for over $100 per month in interest and penalty. I put the tax on a No interest first credit card and decided it is easier to just pay the credit card than to pay the government. I may just do the same thing this coming year. As im still on the installment agreement all is well. but this is a stop gap from paying old debt from years past.

[wacdenney]

I'm not so sure you're going to find anyone doing it just for the rewards, because the fee offsets any reward you might earn.  However, it is a great way to meet the minimum spend on a new card to earn a signup bonus.  I have done this in the past and I'm looking at SPG for this tax year.

[Anonymous]

Paid the reamining balance on my taxes last year (9k) on an AMEX Simplycash I had just opened with 0% interest for nine months,  and I should have it paid off before the interest kicks in.  As stated above, I'd rather owe AMEX than the IRS , and it helps with cash flow (self employed, income varies.)

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[CreditCuriosity]

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@taxi818 wrote:

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@revvystoke wrote:
I paid a 11k liability last year. From a cash flow perspective it was great. Not to mention I would rather owe a bank then Uncle Sam. The rewards earned was a bonus. Need to keep in mind the % the companies add on. But I plan to do the same this year depending on year end gains.

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^^^^^

this exactly. I paid a total of about 20k on my credit cards. As when i took installment agree with uncle same. The interest rate was atrocious to say the least. Interest plus penalty monthly. Although they say the interest rate is low. I don't know how. from a 7k agreement it was hitting me up for over $100 per month in interest and penalty. I put the tax on a No interest first credit card and decided it is easier to just pay the credit card than to pay the government. I may just do the same thing this coming year. As im still on the installment agreement all is well. but this is a stop gap from paying old debt from years past.

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Wow 100 a month in interet/penalty for 7k?  They got you good and bent you over.  I am on a payment plan of 132 a monoth for 6 years for a bit over 10k I will eventually pay it off early,  The penalities got me for 3k or something intiailly as it was my 2010 return, but that is all figured into the payment plan and was stuck with that regardless.

[Anonymous]

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@wacdenney wrote:

I'm not so sure you're going to find anyone doing it just for the rewards, because the fee offsets any reward you might earn.  However, it is a great way to meet the minimum spend on a new card to earn a signup bonus.  I have done this in the past and I'm looking at SPG for this tax year.

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My wife has her own law firm and a little while back her CPA screwed up the estimated quarterly payments, leaving a year-end liability of $30,000 in additional taxes. She opened up a Cap1 Spark Card which offered her a 3% bonus for 90 days + $500 one-time bonus when you spent over $5K I believe. Anyway the fee to pay the taxes was 1.8% so even after you take that out the total cashback was $860 and she PIF right away, so it was easy money. 

[Anonymous]

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@Anonymous wrote:

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@wacdenney wrote:

I'm not so sure you're going to find anyone doing it just for the rewards, because the fee offsets any reward you might earn.  However, it is a great way to meet the minimum spend on a new card to earn a signup bonus.  I have done this in the past and I'm looking at SPG for this tax year.

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My wife has her own law firm and a little while back her CPA screwed up the estimated quarterly payments, leaving a year-end liability of $30,000 in additional taxes. She opened up a Cap1 Spark Card which offered her a 3% bonus for 90 days + $500 one-time bonus when you spent over $5K I believe. Anyway the fee to pay the taxes was 1.8% so even after you take that out the total cashback was $860 and she PIF right away, so it was easy money. 

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Holy geez...I'm guessing you guys fired that CPA? 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@wacdenney wrote:

I'm not so sure you're going to find anyone doing it just for the rewards, because the fee offsets any reward you might earn.  However, it is a great way to meet the minimum spend on a new card to earn a signup bonus.  I have done this in the past and I'm looking at SPG for this tax year.

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My wife has her own law firm and a little while back her CPA screwed up the estimated quarterly payments, leaving a year-end liability of $30,000 in additional taxes. She opened up a Cap1 Spark Card which offered her a 3% bonus for 90 days + $500 one-time bonus when you spent over $5K I believe. Anyway the fee to pay the taxes was 1.8% so even after you take that out the total cashback was $860 and she PIF right away, so it was easy money. 

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Holy geez...I'm guessing you guys fired that CPA? 

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Haha we sure did. He did our personal filing as well and the State Tax amounts ended up being wrong so we had to make additional payments. We thought we would get better quality service from a "small town/local" CPA but it just ended up being a headache!