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It's possible to pay your taxes with a credit card, but you typically have to pay a fee that's slightly under 2% of the total transaction. For example, a 1.75% fee on a $10,000 payment would cost $175.
It could make sense to do this for multiple reasons: You're trying to earn a new cardmember welcome bonus, you could earn more rewards than the cost of the fee, or you're taking advantage of a 0% introductory APR offer on purchases.
It's possible to pay your federal income tax bill with a credit card, and most states allow you to use a major credit card to pay your taxes, too.
However, the IRS restricts how often you can use a credit card for certain tax types. For example, if you file a tax return Form 1040 — the U.S. Individual Income Tax Return — you can make two credit card payments per year to pay the tax due. You're limited to two credit card payments per quarter if you pay quarterly estimated taxes.
#credit #card
It's possible to pay your taxes with a credit card, but you typically have to pay a fee that's slightly under 2% of the total transaction. For example, a 1.75% fee on a $10,000 payment would cost $175.
It could make sense to do this for multiple reasons: You're trying to earn a new cardmember welcome bonus, you could earn more rewards than the cost of the fee, or you're taking advantage of a 0% introductory APR offer on purchases.
It's possible to pay your federal income tax bill with a credit card, and most states allow you to use a major credit card to pay your taxes, too.
However, the IRS restricts how often you can use a credit card for certain tax types. For example, if you file a tax return Form 1040 — the U.S. Individual Income Tax Return — you can make two credit card payments per year to pay the tax due. You're limited to two credit card payments per quarter if you pay quarterly estimated taxes.
#credit #card
11 days ago
