Posts Categorized: Taxation

Credit Score Glossary: Back Taxes

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

Credit Score Glossary: Wage Assignment

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

IRS Updates Credit Reporting Policy on Tax Liens

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