Tag Archives: underpayment of tax

How IRS Debt Affects Credit— And What You Can Do

If the IRS audits you and finds you underpaid your taxes, the taxes themselves (along with any penalties and fees) don’t immediately impact your credit score, but how you pay that debt can cause those numbers to drop. How much you owe and how you choose to pay both impact your ability to borrow money […]

A List of Common IRS Penalties and Fees, and How to Avoid Them

A sizeable tax bill to the IRS is bad enough on its own, but if you’re late in paying it, fail to file or make a mistake, your bill could be compounded by a number of IRS penalties, fees and interest—all of which could make a huge bill even more difficult to pay. Some penalties […]