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IRS Tax Lien Information & Advice
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Federal tax lien is the government's way of securing a tax debt. Often it feels more like you have been branded with a scarlet letter. It can affect many areas of your life and cause serious damage to your finances. If you believe a tax lien may be filed against you soon, you need to get fully informed of what this means and what steps you should take.
What Is a Tax Lien & How Does It Happen?The IRS files a tax lien so that it has a legal claim to your property as security or payment on your Federal tax debt. Basically, a tax lien is collateral. If you do not pay your debt or other collection activities fail, the IRS can sell your property to get some of its money back. After your tax debt has been assessed, the IRS sends you a "Notice and Demand for Payment." If you do not reach some sort of official agreement or fully pay the tax debt within 10 days of the notice, the IRS files a "Notice of Federal Tax Lien" against you.
Just How Bad Can a Tax Lien Be?It is next to impossible to purchase any property, if you have a Federal tax lien filed against you. You also will not be able to sell or refinance any property. You may think that a tax lien cannot hurt you if you do not own any property, but you are very wrong. There is quite a bit of damage that a Federal tax lien can cause in a person's life. This includes:
- Lowered Credit Scores - Affecting your ability to buy or rent, and also secure employment.
- Denied Security Clearances - Affecting your government employment and contracts.
- Loss of Licensing - Affecting your ability to practice in many fields.
How Do You Get Rid of a Tax Lien?The fastest and most certain way to get rid of a tax lien is to pay your entire tax debt off. For many taxpayers, this simply isn't possible. However, if your tax debt is under $25,000 and you enter into a payment plan, you may not have to worry about a tax lien any longer. If your tax debt is higher or you cannot afford a payment plan, you should consult a tax debt professional for tax lien help.
Do you want to keep a tax lien from wrecking your life? Consult a professional. Call (800) 590-4524 now or fill out the form below for a free tax debt consultation to learn what you can do about your tax lien! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.
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(800) 590-4524
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