Tax smarts: Maximizing income tax returns

It's tax time. Use this series of articles to file like a pro

By Emily Starbuck Gerson

Tax time is once again upon us, but as you rush to file make sure you know the tricks of the trade to get the most out of your return.

CreditCards.com compiled this series of articles that discuss tax payment options, how to avoid tax-time scams and ways to spend your return so you can file smartly and better prepare for this time next year:

1. Paying them
2. Spending that refund wisely
3. Avoiding taxes next time

Paying them

Occasionally, charging your taxes is OK
Whether you need to charge your tax bill because of a cash shortfall or because you want the opportunity to rack up credit card rewards such as cash back rebates or frequent flifer miles, it's a nice option to have -- if used rarely and wisely.

Beware of tax bite that follows debt resolution
Tax attorneys and consumer advocates say many consumers aren't aware that forgiven credit card debt may be taxable income.

Paying small business taxes with plastic
As they become more reliant on business credit cards for everything from tracking expenses to earning rewards, small businesses are also increasingly using plastic to pay their taxes.

Beware of mail theft at tax time
Tax season may not be the favorite time of year for most Americans, but there is one group of people that looks forward to it annually -- mail thieves.

Spending that refund wisely

Got a refund? Then get out of debt!
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.

Avoiding taxes next time

For the new tax year, make new tax resolutions
After looking back at their financial behavior during the past year and realizing they can do better, some consumers will make tax time resolutions.  And while tax time resolutions can fall by the wayside just like New Year's resolutions often do, you should commit to getting your financial house in order. 

Published: April 10, 2008

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