ADVERTISEMENT

Tax smarts: Maximizing income tax returns

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

By Emily Starbuck Gerson

Maximizing your tax returnTax 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


Join the discussion
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.




Follow Us


Updated: 09-27-2016


Weekly newsletter
Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.


ADVERTISEMENT