Credit cards and your taxes

How credit cards can help -- or hurt -- you at tax time

By Julie Sherrier

The deadline to file your taxes is just around the corner. To help you navigate through your paperwork, the CreditCards.com staff has assembled a series of articles that help to explain your tax payment options, how to avoid scams, what your liabilities are and advice on the best ways to handle a refund. 

Consumers who thought they'd seen the last of their financial problems when they negotiated with credit card issuers or debt collectors to pay off a portion of their outstanding debts are finding their money woes may be far from over ... (more)

In recent years, the IRS and most state taxing authorities have begun accepting credit cards for tax payments. Whether you need to charge your tax bill because of a cash shortfall or because you want  to rack up rewards, it's a payment option to consider -- carefully ... (more)

You should consider all the tax and penalty implications before tapping 401(k) funds to pay back taxes. Experts say paying taxes by drawing down from a  401(k) is one of the worst financial choices you can make  ... (more) 

Paying taxes with a business credit card can help businesses that are limited by cash flow problems due to a significant number of accounts receivable ...
(more) 

After much deliberation, you settled on a credit card that offers the perfect rewards program. But there's always been that nagging question at the back of your mind: Does Uncle Sam consider my card rewards taxable income? ... (more) 

Assuming you are one of the lucky Americans who will get a tax refund this year, it may be tempting to take your refund to the track or the mall. Financial experts have another suggestion: Stop and examine your credit card debt situation
... (more) 

If you're one of those who owe and don't have the cash to pay up, you may be tempted to pull out a credit card, but tax advisers and financial experts say that should be your last resort ... (more) 

Credit card applications are a jackpot for identity thieves year-round, but at tax time their focus turns to your tax returns and those fact-filled W-2 forms. W-2s include Social Security numbers, birth dates and salaries, which credit card applications do not ... (more)

Pitched as "fast cash," "refund now" or "instant cash," refund anticipation loans drained the refunds of 8.67 million American taxpayers in 2007, costing them $833 million in loan fees, plus over $68 million in other fees ... (more) 

Published: March 26, 2009

	Three most recent All credit card news stories: Credit sin: Does credit save or condemn you? – Will using plastic land you in hot water with your almighty? Depending on the belief system, card use might require some repentance ... Citi adds annual fees to some credit card accounts – Citi is initiating annual fees on certain credit card accounts as a way to compensate for increasing credit card losses ... Advanta's credit shutdown endangers cardholders – As many as 1 million credit cardholders could be forced to search to find a new issuer, and debt holders could be faced with APRs as high as 35 percent, when small business card issuer Advanta Corp officially shuts down its credit card accounts for future use on June 10 ...

	CreditCards.com's newsletter Did you like this story? Then sign up for CreditCards.com’s weekly e-newsletter for the latest news, advice, articles and tips. It's FREE. Once a week you will receive the top credit card industry news in your inbox. Sign up now!