pay tax using payusatax.com

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manuvns
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Joined: Wed Jan 02, 2008 1:30 pm

pay tax using payusatax.com

Post by manuvns »

the Credit card convenience fee is 1.89% and capitalone venture card gives me 2% back as miles/point . i will make 0.11% . does anyone see anything wrong with it ?
Thanks!
DSInvestor
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Re: pay tax using payusatax.com

Post by DSInvestor »

Why give a third party your SSN for 0.11%?
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Boglenaut
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Re: pay tax using payusatax.com

Post by Boglenaut »

You are paying real money but getting back points. How do you take $XXXX * 2% and come up with points? The units don't match.

I think you'll lose money in the long run.

Miles/Points can have rewards changed, expire, are limitted in transferability, have all sorts of fine print, etc. They are not the same as money.
xerty24
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Re: pay tax using payusatax.com

Post by xerty24 »

manuvns wrote:the Credit card convenience fee is 1.89% and capitalone venture card gives me 2% back as miles/point . i will make 0.11% . does anyone see anything wrong with it ?
Nope. Better than nothing. Don't let these nay-sayers dissuade you. The fee is deductible too, so they say.
No excuses, no regrets.
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nisiprius
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Re: pay tax using payusatax.com

Post by nisiprius »

Boglenaut wrote:You are paying real money but getting back points. How do you take $XXXX * 2% and come up with points? The units don't match.

I think you'll lose money in the long run.

Miles/Points can have rewards changed, expire, are limitted in transferability, have all sorts of fine print, etc. They are not the same as money.
And even if they don't, you are taking money that you can use to buy anything and exchanging it for point that can only be used to buy a limited range of things. Unless you are really truly 100% certain that you'd be buying exactly the same things anyway, they aren't equivalent.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
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nisiprius
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Re: pay tax using payusatax.com

Post by nisiprius »

nisiprius wrote:
Boglenaut wrote:You are paying real money but getting back points. How do you take $XXXX * 2% and come up with points? The units don't match.

I think you'll lose money in the long run.

Miles/Points can have rewards changed, expire, are limitted in transferability, have all sorts of fine print, etc. They are not the same as money.
And even if they don't, you are taking money that you can use to buy anything and exchanging it for points that can only be used to buy a limited range of things. Unless you are really truly 100% certain that you'd be buying exactly the same things anyway, they aren't equivalent.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
hicabob
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Re: pay tax using payusatax.com

Post by hicabob »

nisiprius wrote:
nisiprius wrote:
Boglenaut wrote:You are paying real money but getting back points. How do you take $XXXX * 2% and come up with points? The units don't match.

I think you'll lose money in the long run.

Miles/Points can have rewards changed, expire, are limitted in transferability, have all sorts of fine print, etc. They are not the same as money.
And even if they don't, you are taking money that you can use to buy anything and exchanging it for points that can only be used to buy a limited range of things. Unless you are really truly 100% certain that you'd be buying exactly the same things anyway, they aren't equivalent.
They are equiv if you use a fido card - sounds like a fine idea
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southerndoc
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Re: pay tax using payusatax.com

Post by southerndoc »

I'm paying mine with my Delta Reserve just to get the MQM's.

My CPA said that the fees aren't deductible, even though some of the websites claim it is.
Topic Author
manuvns
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Re: pay tax using payusatax.com

Post by manuvns »

southerndoc wrote:I'm paying mine with my Delta Reserve just to get the MQM's.

My CPA said that the fees aren't deductible, even though some of the websites claim it is.
it' deductible but subject to 2% of your AGI (Miscellaneous Deductions)

http://www.irs.gov/publications/p17/ch28.html
Thanks!
xerty24
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Re: pay tax using payusatax.com

Post by xerty24 »

southerndoc wrote:My CPA said that the fees aren't deductible, even though some of the websites claim it is.
your CPA was right, but the IRS changed their mind and now allows them.

http://www.irs.gov/newsroom/article/0,, ... 35,00.html
No excuses, no regrets.
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