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Added on the 05/10/2020 11:25:12 - Copyright : Wochit
Paying taxes with a credit card to earn a big sign-up bonus or reward points makes sense for some. You can pay taxes with a credit card through third-party providers, not through the IRS website. Some states, cities, and counties allow you to pay income and property taxes with a credit card as well. Setting up a payment plan with the IRS is safer than using your credit card if funds are tight. Deciding whether it makes sense to pay an extra fee when filing your taxes depends on your card's rewards. You should also consider your ability to pay it off before the next statement due date, says Business Insider.
Especially in uncertain times like these, the dream of owning one's home free and clear is an enticing one. On the other hand, isn't saving for retirement, or college funds more important? According to Business Insider, if you have the opportunity to pay off your mortgage early, the deciding factor comes down to just one thing: interest rates. If the rate on your mortgage is higher than the rate you'd earn by investing cash in the stock market, pay down the debt first. But before you do that, run the numbers to see if refinancing your mortgage would make sense. If so, you can apply the freed-up cash towards your high-interest debt. Once that's cleared up, pay off the mortgage!
Financial consultant Alli Williams was just 29 when she took on $154,000 of her husband's debt when they got hitched. Since then, they've paid off $50,000 of the debt, including an auto loan, some student loans, and a credit card. Not only that, but they also paid for a wedding, college tuition, and have saved for a baby and a house. According to Business Insider, Williams believes in prioritizing expenses, such as bonding activities and savings goals, but not in harsh deprivation. On a practical level, every paycheck is divvied up between bills, savings, and debt repayment. As for windfalls such as gifts, bonuses, or tax refunds, Williams sets allocation percentages without knowing the amount. For example, 50% will usually go toward debt, another 20% towards savings, and so on. When the money hits the bank account, she doesn't have to dither!
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