Paying Taxes With Credit Card (Plus Discipline) Could Benefit Some
By John Ostapkovich
PHILADELPHIA (CBS) – Today’s tax-filing deadline is especially dreaded by people who owe money and there’s a little-used way to deal with the problem that could benefit a few people or companies.
“I could count on one hand the instances when people paid by credit card,” says Michael Falco, founder of Falco Wealth Management in Berwyn.
READ: It’s Tax Deadline Day
He says, if you can get a card with a zero-interest grace period or some sort of user benefit, like mileage points, you could come out ahead, with discipline.
“If people are going to use a credit card, make sure you pay it off because you’d rather owe the credit card company than IRS but on the same hand you don’t want to get yourself wrapped up where you have huge credit card debt.”
Falco says fear of amassing debt, and prolonging the tax payment process, are reasons to avoid going the credit card route.