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@Anonymous wrote:
But wouldn't that also affect your taxes at the end of the year? You now made $4K more money as far as the IRS is concerned.
This just seems too shady and too messy. I'd try to meet the spend in a normal manner.
THIS!!! ^
OP, bad idea. You will get the card bonus, then be really sad a year from now to find out you owe about $1,000 in additional income tax.
To heck with the 1.3% Square fee, think of the IRS and your likely 25% marginal tax bracket!
@longtimelurker wrote:
@redpat wrote:
@longtimelurker wrote:
@redpat wrote:
@xseriox wrote:
@redpat wrote:Remember you get burned when you play with fire.
This is a no, no here!
I am taking in all advices and opinions here. Thanks for your advice!
MS isn't a discussion of advice on these boards......
While it is MS in the sense that nothing is really being bought, it's not a general method applicable to others (unless xseriox wants to name the generous company so we can all apply!)
Uhh! If it looks like a duck, quakes like a duck then it's a duck.......MS is MS isn't.
Two parties are in Kahoots......
Compare and contrast: My friend is about to buy a $5K computer. I buy it on my card. He gives me the money. Is that MS? Two people in cahoots. Or is the (fairly arbitrary) "someone got something" make it a myfico approved transaction....
No not even close, someone is out 5k it is the same effect as having an AU. Comon Man............Really! OP transaction is a CA!
Whoa. Didnt know this was against the rules to post. I am not against spending the required amount at all just wanted input.
@xseriox wrote:Whoa. Didnt know this was against the rules to post. I am not against spending the required amount at all just wanted input.
Sorry xseriox, it's just a pet peeve of mine and hate to see it going on that's all.
@Anonymous wrote:
@xseriox wrote:Hello and thanks for looking.
I got approved for the CSR and was thinking of the best way to start the 4K spending limit. My company uses Square to charge stuff to the business and they are okay with me charging 4000 and putting it back in my check for that same amount. They wouldnt charge taxes or anything.
I was wondering are there any repurcussions to do this?
Pretty sure Chase would either catch you early and close your account, or catch you later and charge you back as well as close your account.
Being shady with large financial institutions is not a great idea.
+1000, wanderingbuilder
@CreditCuriousity wrote:This isn't a good idea as other suggested and talking about how tp perform MS on this board which this kinda is are against the forum rules and really frowned upon. You can google other forums where this is allowed and get input from them.
+1000 CC
I woudn't recommend it, Chase has become very savy with rooting out semi shady transactions like this.
I think that tax argument is the reason not to do this (didn't think of that in my first post).
4k / 11 weeks = 363 per week. easy peasy lemon squeezy
Groceries, gas, lunch, car ins, med ins, cable bill, utilities, cell bill, etc. Do all those first and square the balance (if needed).
4k goes pretty quick.
If you owe any tax bill... that's a churn or two going through payusatax.com etc.