You may already know that a poor credit score can have a definitive impact on your financial life. With bad credit, you may have a hard time getting a bank loan, qualifying for a credit card, purchasing property, or even landing a new job. But there’s also a tax-related reason to improve your credit: what if you end up owing a large sum of money to the IRS, and can’t access the funds you need to pay it off?
If you don’t pay your taxes promptly, you’ll get hit with tax penalties and fees that will cause the total back tax balance to snowball. Over time, you may end up paying far more than the original amount. Thanks to bad credit, you could end up in even hotter financial water. Improving your credit score before this worst-case scenario strikes is quite simply a good idea.
Taxation Solutions, Inc. can advise you on all sorts of tax problems, including bad credit. We can give you tips on bringing that score up. For instance, did you know that a single late credit-card payment can cause your score to drop? Our advice will help you ensure that you’re ready for whatever tax problems come your way.
If you live or own a business in Austin, make us your go-to tax resolution specialists. Call now!