Helps Consumers Prepare for 2017’s Tax Deadline

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Knowing the dos and don’ts for using credit cards towards filing taxes can spare countless headaches, reports CreditCardForum

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Tax Day is fast approaching on April 18, so the editorial team has crafted a series of articles and advice to help consumers prepare. The one-stop resource for consumers seeking in-depth information, opinions and advice on credit cards examines the dos and don’ts for paying taxes with a credit card, claiming credit card interest on taxes, and taking advantage of credit card rewards for using specific tax filing services.

One of the most common consumer questions is whether they can or should use credit cards to pay their taxes. In its article on the topic, the CreditCardForum staff lists three times it makes sense, even with the third-party processing fees: 1) when a credit card offers two percent rewards or higher; 2) if a credit card offers a sign-up bonus that is greater than a person’s normal spending threshold; 3) if financial circumstances offer no other option.

Another article on the site examines the various tax-preparation services partnered with credit card loyalty programs to offer discounts and extra rewards. For instance, American Express is partnered with TurboTax and H&R Block, while United MileagePlus Shopping has deals with TurboTax, H&R Block and TaxAct. “The rewards range from service discounts to a flat number of bonus points or air miles to the dollar – but it’s important to do your research,” said CreditCardForum president Ben Woolsey.

CreditCardForum also receives numerous inquiries regarding whether credit card interest is tax deductible. “For the most part, the answer is no - but while some people may laugh at this question, the fact is credit interest payments actually were tax deductible until President Regan signed a bill in 1986 eliminating it,” explained Woolsey. “There are opportunities for small business owners to deduct their credit card interest, which we outline on the site, but it’s imperative they consult a tax professional when doing this.”

The information and articles are available for media outlets to repost or incorporate into their own coverage, according to Woolsey. “At the end of the day, the most important thing is to spread the correct information regarding how to properly use credit cards during tax season,” said Woolsey. “Filing taxes are stressful enough, so we want to spare as many headaches as possible.”

About CreditCardForum
CreditCardForum is the premier one-stop resource for and by consumers seeking in-depth information, opinions and advice on credit cards that also allows for immediate comparison and application to preferred cards.

Since 2008, the site has been the leading online community dedicated to consumer-driven education on the credit card industry. The user-contributed forum is enhanced by a hosted blog that covers latest industry developments that help consumers make more informed decisions regarding their credit cards. It also serves as a repository for key market data from multiple sources that provides a snapshot of the industry, backed by experts in the financial services and banking arena.

CreditCardForum is the go-to site for thousands of credit-card users each week seeking information and constructive peer-to-peer engagement with the aim of strengthening their financial bottom line.

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Christopher Ruth
Leverage PR
+1 (512) 502-5833
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