Get answers to all of your tax questions from our experts. Learn how unpaid taxes can appear as negative marks on your credit report and what a tax lien is. Find out how they affect your credit score by signing up for your free Credit.com account today.
One of the “joys” of homeownership is paying property taxes. While we all want our roads plowed and our children in school, no one wants to pay more in taxes than necessary, especially if our neighbors are paying less for a house that’s quite similar or even better. The median amount that U.S. homeowners paid […] Read More
Owing the IRS a big tax bill come April 15 doesn’t automatically affect your credit score, but when (on time or late) and how you choose to pay your taxes (like using your credit card) can. Unpaid taxes especially can take a toll on your credit if they go unpaid long enough. Here are some […] Read More
Not paying your taxes can seriously blemish your credit reports. That’s according to Rod Griffin, director of public education for Experian, one of the three major credit bureaus in the U.S. “Unpaid taxes can result in a tax lien,” he wrote in an email, “which will be reported on your credit report [and remain on […] Read More
Tax audits aren’t fun. Nobody enjoys having personal tax and financial information in an audit spotlight. And while the risk for an audit is typically low, it can happen to you. You can reduce the odds that you will be singled out for an audit by the Internal Revenue Service by following these tips. 1. […] Read More
For taxpayers, a 1099-C is the epitome of adding insult to injury. First, you can’t pay your debt so you default, and then you get a notice about owing taxes on the debt that you couldn’t pay in the first place. But while this form may seem scary, many people will be able to avoid […] Read More
How Tax Brackets Work How much you pay in federal income taxes depends on how much you make, whether you are married or single and whether you are head of household. There are seven major tax brackets – 10%, 15%, 25%, 28%, 33% 35% and 39.6% — and there are separate sets of brackets for […] Read More
Looking to pay a little less to the Internal Revenue Service come April? Make sure you are making the most of these common tax deductions and tax exemptions. Each tax deduction and tax exemption that you claim gets subtracted from your adjusted gross income so that your actual taxable income, the dollar amount that the […] Read More
Tax identity theft happens when an identity thief swipes your Social Security number, files a tax return and claims a fraudulent refund from the U.S. government. You may not know that an identity thief has struck until your legitimate tax return gets rejected because a thief used your Social Security number to file a phony […] Read More
Got a big tax bill, and wondering how to pay it? You can charge your taxes on a credit card…but you will pay a processing fee. Payment processors such as Pay1040.com, PayUSAtax.com, ValueTaxPayment.com, OfficialPayments.com and ChoicePay.com allow taxpayers to pay tax bills by credit cards. But you’ll more than pay for this convenience with the […] Read More
Looking for ways to maximize your tax refund come April 15? Check out these tips. Build Your Retirement Savings Contributing to a 401(k) plan offered by an employer is a nifty way to shield income from taxes and build up savings for the future. Making contributions to an individual retirement account works, too. With a […] Read More
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