Originally Posted by
hdlz
This will be my first time paying tax using cc. I just received AMEX business platinum card and plan to pay 9k with card to satisfy SUB, the amount I owe is around 7k, will I receive 2k as refund when I file 2024 tax return? or 2k will sit in my IRS account?
Although I’ve overpaid
estimated taxes several times due to 110% of prior year’s taxes being higher than current years taxes, I’m far from an expert on overpaying taxes.
I’ve never considered overpaying tax due (in April) in the hope of a refund. I do not trust the IRS to recognize an overpayment and refund due, especially not during the past few months with all the reports of government agency service decline in the wake of mass lay-offs.
With overpayment of estimated taxes, I tell the IRS (on my tax return) that I am due a refund. There’s less room for the IRS to delay and/or mess things up.
I suggest paying the IRS EXACTLY what you owe and meeting the remaining SUB spend in some other way (maybe a 2025 estimated tax payment).