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Paying Taxes by Credit Card? Good Idea or Not?
Posted on Mar 8, 2008 by Tom Fragala
Would you pay your taxes by credit card? Do you think that's a bad idea considering the amount of personal debt in the country? If you have an opinion, post a comment.
Filed under: Credit
Comments
ed dickson on Mar 9, 2008
In my opinion, absolutely a bad idea. For one, another database where the information will be stored and if I remember right the IRS hasn't done very well when they were audited by the GAO in the recent past.
Additionally, even with interest rates going lower, the credit card companies seem to want to milk as much as they can out of the consumer. Probably to cover other bad debt and all the bad debt they incur from their own plastic products, already.
The transparency and fairness of how they do it is a big issue right now. Pretty sure there is pending legislation on this. Consumer Affairs has a lot of information on this.
Given the interest rates etc. This seems like it should be considered as a last resort.
Pete on Mar 9, 2008
There are some people who like to pay everything they can using their plastic so they can earn a lot of airline miles.
If you're someone who pays their credit card balance off each month, then I think its ok to pay your taxes with a credit card.
But Ed is certainly right when it comes to a lot of people. If you don't have the cash in your checking account to cover your tax bill AND you have already have a large unpaid credit card balance, paying taxes by credit card should be a wake up call that you need to examine your spending habits (i.e. buy less stuff).
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