For those of us who don’t expect tax refunds after April 15th, paying taxes with a credit card can seem like a great “way out.” If the taxes that you owe are so significant that you are even considering this avenue, then you likely fit into a special category of taxpayer such as a self-employed person or small office professional.
Considering that this class of taxpayer gets the least amount of breaks of any taxpayer class in the US, a credit card can seem like a beautiful Mulligan from the finance gods.
Even if you are not a micro business owner, you would rather spend your hard earned money on things other than taxes. The credit card can seem like a great way to keep your personal cash flow going while fulfilling your obligation to the government.
However, there are some things that you should consider before pulling out the plastic. Let’s take a look at some of the reasons that you may or may not want to pay your taxes with a credit card.
The Pros
Cash flow – If you have cash flow problems, or you simply have other things to spend your cash on, a credit card allows you to pay off your taxes immediately and then pay off the debt over a longer time span. If you are responsible with money, or you expect a windfall in the next few months, then giving yourself a little lifeline with a credit card may be your best option.
Emergencies – Emergencies in life do not necessarily wait on the taxman to get his just due. The worst possible medical emergencies can happen in your family, or a huge house payment and utility repair that needs your attention. Local and small business owners have found that payroll is way harder to keep especially around tax season because of the business cash outflow for that month.
A credit card can be a great way to make sure that emergencies don’t become bigger emergencies because you now face potential problems from the Internal Revenue Service.
Financially profitable – Let’s say that you have a credit card with a 0% APR introductory rate for the next few months. Paying your taxes with such card can yield tremendous amounts of benefit by giving you time to pay off your normal debt.
The reason why this is valuable is that you can increase cash flow within those months by placing the saved money in other investments. Most people that take this angle will see great advantages and even profit by using a credit card to pay off taxes.
NEXT: The Cons!
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