- Centurion Member
- Posts: 532
- Joined: Thu Jan 17, 2013 7:20 pm
- Location: United States
Well, I've been pretty good for the last 20 years in structuring my tax burden to always get something back from the IRS come April. But this year a combination of my reduction in exemptions to try to get a little more cash flow combined with my wife returning to the work force and not exempting enough resulted in a tax bill in excess of $5000.
My tax accountant is a friend of mine from high school who owns a local CPA firm and while I will meet with him on Monday to make sure that we don't end up in the same place next year, that still means that I have to come up with money I don't have right now. I could pay the entire bill out of a line of credit my wife and I have, but at 14%, that's going to be tough to swallow. I could set up a payment plan with the IRS and while the fees are more reasonable, I wouldn't have as much flexibility to pay it. I might be longer terms to do so but I'll have to see what the numbers look on that on Monday.
The last option is a credit card app. I've been holding on to an app for the Citi Thank You Preferred card that came in the mail a few weeks ago touting interest free terms for 21 months. I was going to hold onto this for an upcoming computer purchase but it looks like I may need to use this for something more important. I will have to pay a convenience fee of about 2%. But the flexibility I would gain on being to set up my own payment schedule over nearly two years may make more sense. My EQ Fico is sitting at 740, so I think I can swing this.
Anyone else had to do this? Comments?
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)