Posted filed under Credit Report, Credit Score, Debt, Taxation.
Accruing tax debt can lead to serious consequences, yet Americans still owe the government an estimated $373 billion in unpaid federal taxes. In the worst case scenario, failure to pay your taxes can land you in jail, but a group of lawmakers is suggesting that Uncle Sam should also make an appearance on your creditread more
Posted filed under Debt, Debt Collectors, Taxation.
We all know the consequences of accruing too much debt – constant collector calls, plummeting credit scores, garnishing wages. But those are nothing compared to unpaid tax debt. The IRS doesn’t mess around, and will happily put you in prison for not paying your federal taxes, but state taxes are a different story. Failure toread more
Posted filed under Debt, Debt Collectors, Glossary, Taxation.
Back Taxes: Taxes that were not paid when they were due. Taxpayers can accumulate back taxes at federal and local levels. Interest and penalties can accumulate on back taxes. Unpaid back taxes can have a negative effect on a person’s credit score, and it can be quite stressful for a person to owe the Internalread more
Wage Assignment: A process that allows a creditor to take money directly from a debtor’s compensation. The borrower agrees to allow collection of a portion of his or her paycheck. Wage assignments are typically used for child support payments, court fines, when an employee wants to repay a loan from his or her employer, andread more
As Benjamin Franklin said there are two certainties in life: Death and taxes. But despite being completely familiar to us all, it’s remarkably easy to run afoul of the tax code, end up under the prying eye of the Internal Revenue Service, and struggling with ramifications to our credit reports. Luckily for most Americans, theread more