Why You Should Avoid Paying Income Taxes with a Credit Card
We all agree that the credit card is very convenient. That is why the IRS allows you pay your taxes through it. To sweeten the deal, credit card companies offer rewards in the form of frequent flyer miles. So you can get a free air ticket too. But hang on, is that convenient to your pocket too? Sadly, the answer is no.
Disadvantages
The IRS has authorized third party companies to process your credit card payments. However, you, the taxpayer has to pay for it. So, every time you use your credit card to pay tax, you also have to pay a fee that is usually around 2.49 % of your tax. Thus if you are paying $18,000 in taxes, you also pay an additional fee of around $450. Now add the fee charged by travel rewards credit cards and you can drop the second letter from the word free as in free airline ticket.
If you are in debt, the last thing you want is more debt. Annual interest charges are quite high, even going up to 30%. You could spend the rest of your life paying for the $18450 convenience. If you are in debt with many credit cards, this additional debt can lead to bankruptcy. But even that...
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