Paying $35,000 in Taxes with a CREDIT CARD

[@JonathanSorunke]

Paying taxes with a credit card is probably one of the easiest way to rack up points. Great video!

[@TruLuan]

Thank you Jim Carrey for teaching me so much about credit

[@TheCreditShifu]

Always a pleasure

[@Emmanuel-ne3oi]

Lmao

[@uncoveredtruth2088]

Lmao I did the same! Paid $9,750 in Taxes on my Marriott Bonvoy Brilliant today!

[@Tony36847]

you can do a lot better

[@MarkReese]

Should’ve used the Disney Visa 😆 Fantastic rundown & explanation, and smart move to use the HH Surpass! 🏆

[@williamaungleyraud]

You could have mailed yourself the check and then you could've mail the check to the irs. That's what I do to pay my landlord, I don't trust platiq may not do the job right so I'd rather do it myself. 😁👍

[@TomsLife9]

wow that's actually a great idea, gives you sovereignty over the whole thing!

[@matthew9677]

What?

[@williamaungleyraud]

@@matthew9677 instead of having platiq send the check to the irs, have them send the check to your own home address, that's easier to track, once your receive the check you can mail it to the irs and add a tracking number to it, normally cost 99 cents or so, this way you know when the irs will receive your check and if it got delivered 😁👍

[@juster1269]

The secret of your future is hidden in your day routine . Successful people do daily what the unsuccessful people do occasionally.

[@Ellotrades]

Most intelligent words I've heard.

[@harzardfreeman3058]

For real crypto is very profitable

[@MikeSmith-uy6fd]

@Mack Jason That won't bother you if you trade with a professional like Mr Fred Meyer

[@TheCreditShifu]

Dont use Fred Meyer, I have heard he is bad

[@adalenebella1356]

he's obviously the best I invested 2000USD with him and I have made a profit of 9101USD

[@evgenybarskiy6993]

I use my Bank of America premium rewards card to pay taxes. 2.625% cashback. Because cash (invested in stonks) is a king and if I suddenly need few Hilton points I would just buy as much as I need.

[@1999gstephens]

For cashback, using the PayPal credit card right now earns 3% when using PayPal. One of the IRS payment processors is currently charging 1.85% and accepts PayPal. That nets to about 1.2% in cashback just for paying federal taxes. In other words save 1.2% on federal taxes ($10,000 due becomes about $9,880)

[@BankAccountBonusCentral]

I pay taxes with credit cards and $500 visa gift cards bought from 5x categories

[@tcs234567]

I applied for Citi Prestige. I needed to pay my $5500 tax bill. So I used this for the signup bonus.

[@4KAnimeRecap]

Didn't know about Plastique. I think I ended up using my debit card to pay my state taxes cause I didn't see a credit card option this year. Great video and I will definitely look into the details of that service! :D

[@shacheb]

Thanks for this video. We just got the Marriott card and I'm going to pay our taxes with it after watching this video.

[@Spinattitude]

He just loves showing off this guy! :)

[@expertonmyself]

i wish i could make student loan payments with my CC!

[@zimvader25]

Not exactly a loan payment but yeah my kid's university takes credit card payments for tuition for a 2% fee and compared to the points I've gotten out of that, it's still a lot of free easy money.

[@jattaya]

Plastiq allows to make credit card payments with certain cards for not only student loans but also car loans, mortgages and rent for landlords that accept payment by check. Done all of the above myself with different cards except rent.

[@detcordxxxi]

Never thought of this! Doing it this year for sure!

[@SuperVeganShark]

Paid property tax bill to help meet the 125k Amex Plat signup bonus. You could also use the Chase Hyatt card to earn points. You can get 2-4 cpp on many of their properties, but you would also earn 2nights toward status on every 5000 spent on the card.

[@tinytim8173]

Where’s the 5x points on tax payments card. I’m also waiting for the 5x points on rent payments card.

[@CaseyBurnsInvesting]

I’d love to play the IRS in pennies.

[@Shaolinof36thChamber]

Nice Ninja Credit Card moves :)

[@DrRichtofenXx]

I will have to try out the max rewards!

[@LeviRamsey]

The Hilton Surpass is my #1 choice, also: the free night certificate is easily worth $300 so boosts the effective return per dollar to 3.5% (and this year, because Hilton is treating what would normally be bonus points from the card as base points which count for Diamond qualification, it's even better: at $20k spend (threshold reduces for bonus category spend), your gold status from the card turns into Diamond status)). After that, my out of left field choice would be the Amtrak Guest Rewards World Mastercard ($79 AF, IIRC). $5/10/15/20k of annual spend gets 1000 tier points each on Amtrak (you need 5k to qualify for the lowest elite status, so the card can get you 80% of the way there: $334 worth of Acela first class tickets will get you the last 1000 tier points to status; the low elite status with Amtrak gets you 2 upgrade coupons, 2 10% coupons, and 2 lounge passes: it's probably worth a couple of hundred bucks if you're in the northeast, or maybe Chicago or California). 1 AGR point is also worth about 2.5 cents for Amtrak travel, so the 1x reward rate just about cancels out the service charge anyway. I only put this in second priority because it's a Mastercard, which is the least restrictive card type for Plastiq: I can hit the $20k from my mortgage and car payments, neither of which is payable with an Amex. I'm seriously considering the Flying Blue (Air France KLM) Mastercard from BofA ($79 or $95 AF, I forget which) as the next card for this sort of thing. 60 status points at each anniversary for hitting $15k (there's also a few thousand point bonus each year after renewal and then spending $50) is 60% of the way to elite status, with the balance being gained from 7 segments on Delta in first class (or a roundtrip in business class to Paris), and it also has the Mastercard advantage for Plastiq.

[@TheCreditShifu]

I forgot that about the points, I gotta spend $5k more and get diamond status. I think the free night certificate is worth a lot more than $300, it is literally valid at any Hilton property, don’t waste it on a Doubletree or something ;-)

[@GbOOgiZ]

Plastiq completed one pymt then failed me by sending another payment to the wrong address..fail

[@JacksonWelch]

Why not open a new card to get a SUB?

[@zimvader25]

Lol dont know about shifu but it is possible to run out of SUB... I've actually done it 🤣

[@mao-hsinshen9384]

My Plastiq check-payments to DMV got lost that created problems but luckily fixed in time ! Another one to CAFTB for real estate tax also got delayed but eventually deposited in time! I think USPS now is more trustable but will be up to u to decide if to take the risk!

[@hansobermann4871]

Congratulations

[@scottyg5471]

Awesome content!!

[@Tony36847]

I always pay my Federal taxes by credit card using the IRS approved providers. I pay the 2% fee and get back either (1) 2.6% cash with the BofA Premium Rewards or more often (2) Two Citi Thank You points per $1 by using the Double Cash and transferring to the Citi Premier for use with transfer partners which I value at 3.4%

[@grantrennie]

Are there any prepaid dollars cards I am allowed as a UK visitor to the US? My post office uk prepaid travel currency cards were always refused 100% of the time in the US and I've had my bank block my account when I went to the USA even though I told them I would be overseas by phone twice. I don't want to keep all my travel cash in a bundle and cant rely on my British cards working/not being deactivated..

[@williamaungleyraud]

Yes there are cash gift cards your can buy here. So once you get to the US go to a convenience store (7/12, am pm, etc) or pharmacy (CVS, rite aid, Walgreens, etc) or even most markets (Walmart, safe way, etc) and ask the cashier you want a cash gift card, you pay the amount of cash you need to be loaded and you're good to go. The problem is that if you plan to put a significant amount of money in it, and you lose the card you're in trouble. I'd rather recommend you to open a online bank account that let's you use your cards abroad check out Monese online bank, I know it's available there. Last option is to consider opening a bank account abroad, I particularly don't like HSBC, but it's a bank that it's literally everywhere, I'm sure there are others you can have access to. Good luck 😁👍

[@SC_XOLOs]

@2:16.. an Honest man. 👏🏼 thank you sir

[@mao-hsinshen9384]

$35K taxes in 2020? Damn u r a VERY RICH ShiFu!!!

[@littomoore4199]

Discover debit card pays 1%. cash back if you would have had it you would have made even more profit

[@MrRedneckman100]

Nice haircut!

[@johnbrennskag1259]

One thing you haven't taken into account is the underpayment penalty on both the federal and state returns because you didn't make quarterly estimates. You probably paid about $200-$300 in underpayment penalties which could be avoided by making 4 quarterly estimates.

[@TheCreditShifu]

I did, but if I had paid quarterly, I wouldn’t have made the $1000’s of dollars in the stock market that I made with that money last year. Of course if you are paying estimated taxes quarterly, you can still use all the methods in this video

[@johnbrennskag1259]

Most definitely. Just wanted to point it out. I just made my first quarter payment and got my $15k free night.

[@TheCreditShifu]

@@johnbrennskag1259 awesome! Enjoy it

[@jignesh304]

Can I pay my taxes using business credit card? I am tempting to open up a Business Chase Ink card to pay these taxes. Thanks

[@TheCreditShifu]

According to the terms and conditions, it is for business spending only, but many people get business cards and just use them for whatever and have no problem

[@jignesh304]

@@TheCreditShifu thanks

[@Mr_Butterbean]

Debit cards have the same zero liability for unauthorized charges as credit cards do so I don't knownwhere you get your information.

[@puravida5683]

With deductions and credits, I get refunds every year. Amazing, when paying with CC, there is pay a middleman scam.

[@TheCreditShifu]

Its hardly a scam, do the math. We present it for you in this video, if it wasn’t worth it, I would just write a check and pay with no fees

[@KingMatiCBeats]

Can i use my amex business card to pay my taxes without platiq?

[@Nilocsemliw]

Nice!

[@jdeveraux1027]

I sprung for a month of MaxRewards Gold, this is my third time trying the app. It seems they've made great strides with being able to actually work. However, i'm not seeing the whole "we'll add the amex offers for you" feature...?

[@TheCreditShifu]

If you have your Amex cards linked, it should do it automatically

[@greatwesternsecurity9775]

I downloaded max rewards. I dont see where it tells me which credit card to use for categories.

[@MasonsTurtle]

Whenever I convert Hilton points to a room it usually breaks out to be .3 cents per point. Terrible.

[@NCKyle1980]

I'm glad I'm not the only one who's saying they feel they're worth way less than most say.

[@MasonsTurtle]

@@NCKyle1980 I was looking at a 4 night stay for that new hotel in Las Vegas “Resort World” which is a Conrad hotel and comparing my Hilton points with the total $ cost it broke out to be $0.0029 per point. I was like wtf? Maybe the point value is better for the non Hilton resort hotels but it still sad to find out how little they are worth.

[@NCKyle1980]

@@MasonsTurtle I looked up VA Beach trip Hilton hotel. For late May. Cost $388 points 141,000 so $ 0.00275. I got the new no annual fee card and bonus. So even the 100,000 point bonus wouldn't cover one night. :/ oh well. Save for later non peak non premium room. It seems the room type and peak times charge dramatically more. Thank you, sir.

[@shakejuntkrew666]

I’mma get 10,000 in student loans then pay with credit card.

[@roburb73]

Using my Delta Reserve (MQMs) and Delta Gold Business (SUB) to pay my $10K.

[@ahkeen]

Wait no Hilton Amex referral link?

[@jasonchau2842]

do rideshare drivers have to pay quarterly taxes ?

[@keakkhauv2316]

are plastiq fees tax deductible if the expenditures are for a business?

[@TheCreditShifu]

Ask your CPA, but I would assume so, same as ACH fees, wire fees and other types of bank fees

[@KENTOSI]

You look way more appealing & creditable dressed like this than the sidewards baseball cap look from your previous video :-) Keep it up!

[@strider1239]

Can you make a video on what current credit card signup bonus may make it worth paying your taxes on?

[@serenitynow8689]

$35,000. How much did the IRS charge you for not prepaying enough throughout the year?

[@TheCreditShifu]

Yes there is a penalty, but it is worth it to invest the money for a year and get bigger gains in the market that outweigh the penalty

[@pjuliano9000]

@@TheCreditShifu ditto ... Especially last year

[@bach858]

Utilisation is only reported after the due date, so if you cover the balance on your card right away you can max that card's credit limit and have no report on utilisation.

[@TheCreditShifu]

Right, that’s why I paid my cards off immediately

[@KevinYang]

Between the CSP and the Amex Plat, do you recommend paying taxes with those?

[@SuperVeganShark]

I would say only to get the SUB. Otherwise you are paying more in fee than what you get miles/points wise unless you can use them on a biz or 1st class redemption and maybe make them worth more cpp.

[@TheCreditShifu]

Yeah, what Vegan shark said

[@BrianRios26]

Damn 35000$? That’s a lot

[@richard1113]

How are you not paying big penalties for not paying estimated taxes?

[@TheCreditShifu]

I am, but I am also investing the money instead of paying quarterly, the money I make in the market far outweighs the penalties

[@richard1113]

@@TheCreditShifu Ok, gotcha.

[@thedanwriter1]

What’s the problem paying with the quicksilver card directly online to the irs? Even if there an online transaction fee of 2%, you still make 1.5% cash back on top of everything right? Don’t they include/charge you the transaction fee and balance together? Your card wouldn’t know the difference

[@dadmomand3]

Still trying to determine which card to use. Considering a new app, just for this.

[@RD-jp4zs]

Good lord that's a lot of taxes to pay.

[@pjuliano9000]

Based on his tax bill you should be able to reverse engineer his income

[@pjuliano9000]

I hope he’s not making his money as a 1099, he should be using an S Corp. to pass through otherwise he’s paying at least 30% too much in taxes

[@CornFed_3]

Wouldn’t have paid them 😂 Taxation is theft. I will say ours weren’t that high this year but I think we used our Gold Card 🤔

[@DavidAnderson-tx5lx]

Nice video, engaging from beginning to end, I've achieved financial freedom by day trading, and the general reader will undoubtedly be kicking themselves for losing out on the ability to invest in and buy cryptocurrencies

[@karlfarbman5076]

If I could have gave myself advice 3 years ago it would have been "Hey you know all that money your spending on weed every month? Well instead of that, if you put all that money into Bitcoin and Ethererum each month for the next 3 years I can garuntee you will be a multi-millionaire in 2021. I would have dropped my smoking habit in a heartbeat lol

[@orjicwisdom3243]

@Thomas Alfred Cryptocurrency is a proof-of-concept application of blockchain technology and smart contracts. Those underlying technologies have much greater long-term value than cryptocurrencies. They are going to revolutionize how we interact on the web. Hope you not only doubting the value of coins, or also of blockchain and smart contracts?.

[@tommyedgar558]

I believe in the Blockchain technology. It has the potential to revolutionize finance and contracts. I don't believe that Bitcoin itself is perfect. The biggest problem I have with it right now is the volatility. To me that is a much bigger issue than the block size

[@jasonpizzino3779]

@@tommyedgar558 I am a strong believer in putting money into assets that will grow in value over time with good ROI

[@katnelson-nolen8874]

I’m for the idea but only if you’re using the right platform. Placing your hope only on the fact that it might go up doesn’t look solid to me. You have to put it somewhere that will give you returns regardless if it goes up or not

[@RD-nc8xt]

Why do u owe so much in taxes?!

[@TheCreditShifu]

Federal and state income taxes on the money I earned in 2020

[@chris2007a]

This it probably the first video of yours that I’ll give a thumbs down. Simply for using a debit card.