Paying Taxes with a Credit Card: Pros and Cons

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credit card on computer keyboard

Are you thinking of paying taxes with a credit card?

The thought of clearing a debt with the IRS in one fell swoop is certainly appealing, and if your credit rating is not in good standing in order to obtain a bank loan, that credit card can sure look good.

But is using a credit card to pay taxes a wise decision?

Before we explore the pros and cons of paying taxes with a credit card, let’s examine paying taxes through an installment agreement with the IRS.

First things first, contacting the IRS and working out an installment agreement is one possible option to manage your debt.  Complete the IRS Installment Agreement Request Form 9465.  If you owe $25,000 or less this process can be completed online.  The IRS may allow you up to 60 months to pay your tax debt.  Within 30 days the IRS should let you know if your request has been approved and what you will be required to pay.
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Interview with Philip Taylor – Organizer of Financial Blogger Conference 2011

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Have you heard about Financial Blogger Conference 2011? It’s happening October 1-2 in Chicago, where personal finance bloggers from all over will be coming together to talk about their trade – everything from trends in personal finance to how to better connect with readers to making a living with a blog.  For me, the biggest thrill is meeting, in person, those people I’ve been “talking” to online all these years.  I’m also excited to meet those bloggers who have influenced me (one being J.D. Roth, whose Get Rich Slowly was one of the first personal finance blogs I found and a primary influence for me starting Free From Broke).  Seriously, check out who’s coming so far over at the Financial Blogger Conference Who’s Coming page.

I had the fortune of interviewing Philip Taylor, the organizer of Financial Blogger Conference 2011 (or for those cool kids, FinCon ’11). You may know Philip as he also runs the incredibly informative PT Money.
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Bankruptcy – What it is, When it’s Used, and How it Works – Adapted from Debt Free for Life

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Debt Free for Life

I had the pleasure of receiving a publisher’s copy if David Bach’s latest book Debt Free for Life – The Finish Rich Plan for Financial Freedom. Rather than give a general overview of the book, I’m going to talk about chapter 14 – How Bankruptcy Works, When to Use it, How Long it Will Take to you to Recover.

Bankruptcy is pretty much a last ditch effort to help save your financial situation (and perhaps your overall health and life).  The hope is that no one will ever need to know about bankruptcy but the truth is over a million and a half people in 2010 will file for personal bankruptcy.
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What is Renter’s Insurance and Why You Need It

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While most people know how important it is to have homeowner’s insurance, many never stop to consider whether renters also need to protect themselves. 

Renter’s insurance is a type of insurance that protects the renter, as well as their property.

Just like other forms of insurance, customers will choose their amount of coverage and deductible, and be then required to pay a monthly premium based on these, as well as a few other, factors.

The amount of coverage that a renter chooses should account for the value of their belongings and offer enough coverage that they are adequately protected in case of an emergency.

What is Renter’s Insurance?

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Planning on Buying a House? Put in the Legwork First!

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buying a house

So you want to buy a house?  That’s awesome!  Congratulations.  But are you ready to buy a house? Have you done your research and legwork to find out the best house in the best neighborhood for you?  I’m talking about all the other little things that influence your buying decision and the neighborhood you pick.  Read on to see what I’m talking about.

Here are steps you need to take to put in the legwork of buying a house (in no particular order):

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How To Prosper With Peer to Peer Lending – A review of Prosper.com

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Get started on a loan at Prosper

Prosper.com is a personal loan and investing site with over one million members and over two hundred fifteen million dollars in personal loans funded since 2006. Using a unique person to person lending model, prosper.com connects borrowers and lenders and allows them to establish a mutually beneficial financial relationship.   Prosper offers borrowers rates as low as 5.9% and lender returns as high as 10.1% (this varies, of course based on your borrowing and lending situation).

What is Person to Person or Peer Lending?

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Ways a Bigger House is More Expensive (Besides the Mortgage)

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There’s been a movement the past couple of years to move to a smaller home in order to save money.  It’s understandable with the economy the way it is and all.  Still, many people look to the time when they can get a bigger home.  Sometimes you just need more space.  Some just want the bigger place.  I still see homes being torn down and re-built into much larger houses.  Thing is, when you buy a bigger house you aren’t just paying a bigger mortgage.  With a bigger house comes some other expenses and costs that increase.

Some Ways You Will Pay More With a Bigger House:

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I Bought A NOOKcolor from Barnes and Noble – Review

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NOOKcolor eReader from Barnes & Noble

So a couple of weeks ago I splurged and bought an eReader – The Barnes & Noble NOOKcolor. I never thought I’d be one for electronic books but so far I’m loving it!

How Did I Come About Buying an eReader?

I always thought the idea of eReaders were kinda neat but I liked the romanticism of turning the actual pages.  As I said, I never thought I’d get into an eReader.

I had seen the Amazon Kindle, both on the Amazon site and in Staples a few times.  It looked really cool but I couldn’t justify the cost.

What changed? I started the school semester, late January, with an economics class.  The professor required us to buy this online package so we could submit our homework online (this was required) and it also included the online edition of the book.  There was no option for just the homework submission.  Not wanting to buy a physical copy (there weren’t any used copies of the book out there to get) and not wanting to read it all on my laptop (I sit in from of it all day already) I started to look into eReaders.  Note: I could have also printed out the book but I didn’t want to blow up my printer.  Bringing a file to a printing store was also an option too (but I kinda got myself psyched up for an eReader).
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Crush It by Gary Vaynerchuck – Review

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Crush It by Gary Vaynerchuck review

I just finished reading Crush It! by Gary Vaynerchuck. The full title of the book is actually Why NOW is the Time To Crush It! Cash In On Your Passion.  I kept hearing about this Gary Vaynerchuck guy all over the place and hearing about this book (Inc. listed it as one of the top books for business owners in 2009).  I would also hear people talk about how they “crush” this or that.  I figured if I can get a copy at the library then I’ll give it a read.  Glad I did.  Awesome read!

This book is a primer on how to build your own personal brand and why you have to. It’s a quick and inspiring read that is well worth you time, whether you aren’t happy with the work you are doing or you are looking for ways to really grow what you are about.
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Betterment.com: Investing in Stocks and Bonds Made Easy – Review

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Have you been wanting to invest your money but haven’t been sure how to go about it? There may be a simpler, easier way to do it for those who those who want to invest but don’t know where to start or think it is too difficult for them.  That answer may be Betterment.  Follow along in our review…

What is Betterment?

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