Cash rebates taxed?
Sorry if this is a long post, but couldn't really make it short. Went shopping for a new truck, and amazingly I found one that has pretty much everything I wanted, and very little that I didn't. ...
Forum Discussion
rockhillmanor wrote:
I hit the road full time withOUT any credit cards.
I have paid cash for everything including my MH, Toad and even just recently a winter home in Florida! Haven't paid any taxes on anything.
Don't need to establish credit if you have the money. Establishing credit to "Borrow" money you do NOT have is well.....you know the saying about proper planning.
8 years and counting and I still do not have any credit cards.:C
I to have usually paid cash for big items except our house. But in the case of our last truck purchase, I could finance for 3 years at 1.25 percent. But I get 3 percent tax free dividends on the funds I would have used to pay cash. So.... In this case paying cash cost more money than financing. I pay 1.25 percent interest but collect 3 percent tax free in the meantime.
And I also use credit cards for most of my purchases and paying regular bills. But pay it off each month. Why? well with the rewards I am able to get free airline tickets whereever we go on any airline. So, every year our airline tickets end up being free.
Again, rather do that than pay cash and then pay a thousand or more for airline tickets each year.
Do the same for gas with penfed. get a 5 percent rebate every month on fuel purchases and pay it off every month.
We are what the credit card companies call Credit card deadbeats. Those who never pay interest.
Wise use of credit can pay off.
