Let's say I will owe the IRS $15k for tax year 2020 due to stock gains. I can wait until 4/15/21 to pay the 15k without penalty since I didn't need to make estimated tax payments.
I have a new credit card with 0 percent interest for 12 months. Can I make an estimated payment of 15k on the credit card and pay the 1.87% credit card fee charged by the IRS' authorized credit card processor? Does it matter if the estimated payment is before or after the end of the year? How do I account for the payment when I file my taxes?
Basically I'd get rewards points plus 15k extra in my pocket for the next 12 months, minus the 1.87% fee. I could invest the 15k and likely make a higher return.
Submitted December 15, 2020 at 01:35AM by hockeyfun1 https://ift.tt/3nq8vE4
