Plastic Power To Pay Taxes
Every last one of us dreads the arrival of the tax man. However, taxes have to be paid whether we like it or not. Taxes are our obligation to the country and there should be no evasion of this expense. Small businesses are especially affected when the tax authorities come calling. First of all, they may not have hands-on accounting staff on their rolls. Second, they may not be in the position to provide adequate cash to meet their burden of taxes. Being a small business in the modern world may make one feel insecure. However, it does not have to make you feel permanently insecure.
These days, large numbers of smaller businesses are choosing to make tax payments through their business credit cards. If you thought that credit cards were only good for clothes and groceries and buying products online, it is time you changed our views. Credit cards are rapidly moving on to becoming the favored mode of payment for everything — from mortgage and house rent to electricity, necessities, and taxes. Small businesses are especially blessed by this expansion. Even if they do not have enough cash on hand to fill in their taxes, they can depend on their credit cards to pay for that expenses. Later when they recover their cash from their various debtors, the credit card bill can be paid off.
One of the scariest things about defaulting on your taxes is that you might end up having to pay quite a large fine. However, paying by card is a solution to this problem. The business still has to pay the credit card company, but at least it will not get the tag of a tax defaulter. It is true that the tax authorities charge a relatively low interest on defaulting payments. However, the interest amounts accumulate. If you want to avoid paying exorbitant amounts of interest on your credit card bills, make sure you make an attempt to find some really cheap credit cards. In fact, even on my credit card searches, I have on occasion found credit cards that charge no interest for up to fifteen months. If that is not a steal, what is?
The power of plastic has been rising greatly in the past few years. Of late, even governments have realized that it has an important role to play. Credit cards are clearly on their way to becoming the currency of the future. Let us all ready ourselves for this. Maybe it is time for us to recognize the power of a credit card, and start using them more frequently than we already do.