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Avoid charging taxes to your credit card and save money
By now, you probably know or have used the facilities offered by credit card companies to pay your taxes. What you may not know is that charging taxes to your credit card can be an expensive mode of payment, especially when the IRS offers an installment plan. Pr.com reports:
Mark Baylis, president of Debt Shield, said that taxpayers planning to pay their taxes with credit cards should be aware that the service providers that process the transaction charge a fee of 2.49 percent of the amount owed. For example, if you owe the IRS $1,800 in taxes, you will pay the service provider an extra $44.82 to use a credit card.
Read more: Debt Shield Cautions Taxpayers Against Charging Taxes
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