Can it be to your advantage to pay your taxes with a credit card? Sometimes yea, sometimes no.This article in Smart Money by Jonnelle Marte seems to suggest that it is a good idea:http://blogs.smartmoney.com/tax/2012/04/05/paying-taxes-by-credit-card-read-this-first/But since the IRS charges a fee for using a credit card which the above article doesn’t talk about, I think thiis articel by LaToya Irbe in About.com gives a better overall pro/con on using your credit card:http://credit.about.com/od/toughcreditissues/qt/taxescreditcard.htmUse it or not, but you start getting penalties and interest of about 1% a month after April 17.Remember, You can count on us to count for you!
Brian’s Tax Musings – IRS Penalty Relief
IRS has a penalty relief program for the unemployed and self employed people that have losses due to the economic downturn. Here is the Spidell Flash Alert that talks about it:https://www.magnetmail.net/actions/email_web_version.cfm?recipient_id=654422898&message_id=1893911&user_id=Spidell&group_id=759130&jobid=9730637Notice that when you file an extension on April 17, if you pay 90% of the tax due at that time and the rest by October 15, the IRS will only charge interest and not late payment penalties on the tax.Remember, You can count on us to count for you!
Brian’s Tax Musings – Videoconference IRS Audits?
This article in Accounting Today by Michael Cohn discusses the possibility of the IRS allowing videoconfernce for correspondence audits in the future:http://www.accountingtoday.com/news/IRS-Audits-Videoconference-62268-1.html?ET=webcpa:e2364:204199a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=WebCPA_Daily_040412So is this in the IRS budget or are they going to have to cut something out (like full examinations – okay?)Remember, You can count on us to count fot you!