Call Us Now

225-223-6714
Baton Rouge, LA
337-233-4210
Lafayette, LA
318-673-8333
Shreveport, LA
504-875-3422
New Orleans, LA

MYTH? IS OWNING CREDIT CARD DEBT BETTER THAN OWING THE IRS?

Written by 

Answer: Maybe.

Did you know that the IRS accepts Visa, Mastercard & American Express? With credit cards, according to the IRS website "you can pay current and past due Form 1040 balances along with current year Form 940 balances and current quarter plus the three prior quarters Form 941 balances." The downside is, some credit cards charge interest rates of 20% or more, and it's "revolving door" credit...so if you only pay the minimum payment due, it often takes years, even decades to pay off the debt. So is paying off an IRS debt with a credit card essentially "robbing Peter to pay Paul"? Perhaps. But remember, if you don't pay the IRS, they have much more far-reaching powers than credit card companies do to get your money. The IRS can seize your bank account, your 401k, garnish your wages and place a lien on your property—all things credit card companies cannot do.

Bryson Law Firm News Is Featured All Over the Country in These and Other Fine Publications

business insidercbsmoneywatchcnbcfirstinbusiness

marketwatchmorningstardailynews

bostoncomnydailynewsRADIO WWL

sanfranciscochroniclethemiamiheraldthesaltlaketribune

worldnetdailyyahoo financenewsdaycom

Share This Article

FacebookTwitter

News Search

Please select one or more of the options below or type a phrase in the search box.

All in one search

Category

Archive

Date Range

-

Recent News

Free Confidential Consultation

Free Confidential Consultation

Fill out this form for your No Risk- Free Initial Tax Resolution Consultation.


Name:(*)

Please type your full name.

E-mail:(*)

Invalid email address.

Phone:(*)

Please type your phone number (i.e 123-456-7890).

Zipcode:(*)

Please type your zipcode.

Capture

Invalid Input





Follow Us

linkedin_logofacebook_logotwitter_logoyoutube large

Share This Page