Discussion:Need some FF Miles
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Death&Taxes (talk|edits) said: | 17 April 2007 |
| My client just paid a $80,000+ tax balance with his AMEX card. 2.5% service charge! | |
| 17 April 2007 | |
| I have a client that got hit with the new mental health tax California started in 2005. It's another $10,000 for every million they make, roughly. | |
| 17 April 2007 | |
| mental health tax???
California probably won't collect a dime! | |
Death&Taxes (talk|edits) said: | 17 April 2007 |
| Client's biggest deduction is alimony exceeding 120K.
Couple of years ago a client owed 200K, asked what the charge for interest and late payment penalty was, filed a zero extension because 'I'm doing better than that in the market' (must have been 1999) then forgot to file the return come August!!!! Don't ask me how but after he found it in a drawer in late November, I wrote a letter and had the late payment penalty forgiven. | |
Corptaxhelp (talk|edits) said: | April 18, 2007 |
| A few years ago, a client's credit card company was offering a promotion where they would wave the service fee if you paid your taxes with a cash advance check. Obviously, the credit card company was counting on collecting interest. He owed nearly $670,000, paid the taxes through the card (must have one heckuva limit), collected the $6,700 cash back and then paid off the card before paying a cent of interest.
While I admire the way he gamed the system, I had to ask him if it was worth the effort for $6,700. He smiled and said not only did he get the $6,700 cash back from the credit card company, he earned a little over $4,400 in interest on the $670,000 while he was waiting on his credit card bill. So, basically, had he paid by check, he'd be out over $11k. Still, it seems like a lot of moving parts for someone who drops more in a weekend than I make all year. I guess that is why he is where he is and I am where I am. | |
| 18 April 2007 | |
| Gee, and here I thought I was being creative when I charged my Harley to my credit card to get the bonus, and paid it off when the bill came. I sure didn't get $11K out of the deal though. | |
| 19 April 2007 | |
| Well, depending on the Amex card, he could have gotten a 5% rebate on that 80K, netting him $2000 after expenses. Not a bad deal. | |
| 19 April 2007 | |
| I have a cc that gives ff miles. Just notified I can get cash back. What a nice surprise when the check came in. | |
Bottom Line (talk|edits) said: | 20 April 2007 |
| My Wells Fargo card applies money to my home loan. No annual fee and you don't have to carry a balance! | |
