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Income Tax Payments
The good news is that IRS will let taxpayers use credit cards for income tax payment. The bad news is they will have to pay about 2.5% of the tax bill as a processing fee.
Taxpayers filing electronically or by paper can now use their MasterCard, Discover or American Express for payment. Visa refuses to accept the fact that consumers will have to pay the processing fee, for fear of conflict with other merchants who may want similar "exceptions."
Estimated taxes throughout the year will also be accepted, though credit card payments are limited to $100,000 or less.
Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 1, 1/99
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