Tag Archives: Credit Cards

A Twist On Using Credit Cards

Lots of people come to me, swearing they will never touch a credit card again, because they are so frustrated with the trouble they’re in. But credit cards don’t really need to be a problem. They can be quite an asset if used cleverly. With the holidays coming up, that’s a really dangerous time for […]

Holiday Credit Cards

Today TaxMama hears from Riki in New York with this concern. “I’m looking for specific advice on how to take control of a large post-holiday credit card balance.”

$10,000 from IRA

Today TaxMama hears from PA in the TaxQuips Forum with a quick question. “I recently completed my home construction. I used a loan from my credit card to consolidate other credit card purchases for material. I have a paper trail documenting the transactions. Can I use a withdrawal of $10,000 from my IRA, penalty free […]

Credit and Debit Card Fees Related to Tax Payment are Deductible

IR-2009-37, April 7, 2009 WASHINGTON — Credit or debit card convenience fees charged for paying federal individual income taxes electronically are deductible for some taxpayers who itemize, the Internal Revenue Service announced today. Federal law bars the IRS from paying any fees associated with these credit or debit transactions. Card processors normally charge taxpayers for […]

Credit Where Credit is Due

Today TaxMama hears from Sam in Fort Walton beach, Fl, who’s perplexed. “I bought some stuff on credit card and after some days I lost the credit card. The bank issued me a new credit card and my old credit card was cancelled. Then when I returned some of the stuff I bought on my […]

Employer Deductions

Today TaxMama hears from Myra in South Carolina, who asks, “Can an employer deduct 11% from employees’ wages and tell them that it is to cover the cost of processing credit cards? My son works in a restaurant where tips are added to credit cards and then the employees are charged this 11% by deducting […]