Tax lien? What are your options?
The IRS and the states commonly file a lien on your property when you have a tax debt and you are not actively working on solving your tax situation. This situation is usually overwhelming and there are a variety of options to resolve it. Finding the right one for your specific situation is the key to getting your case solved.
The government places a tax lien on real estate or other assets if the owner is past due on his or her taxes. In return for the right to collect money and interest from property owners, municipalities can sell tax liens to investors. Defaulting on a federal tax lien could result in a tax levy.
There are several strategies that individuals and businesses can use to deal with tax liens:
1. Negotiate a payment plan with the Internal Revenue Service (IRS) or state tax agency: If you are unable to pay your taxes in full, you may be able to negotiate a payment plan that allows you to pay off your tax debt over time.
2. Seek an offer in compromise: An offer in compromise is a settlement agreement between you and the IRS or state tax agency that allows you to pay less than the full amount of your tax debt. To be eligible for an offer in compromise, you must be able to demonstrate that you are unable to pay your tax debt in full and that the offer in compromise is the most the IRS or state tax agency can expect to collect within a reasonable period of time.
3. File for bankruptcy: If you are unable to pay your tax debt and you do not qualify for an offer in compromise, you may be able to discharge your tax debt by filing for bankruptcy. However, this is a drastic measure and should only be considered as a last resort.
If you are struggling with tax liens, it may be helpful to seek the advice of a tax professional, such as an accountant or attorney, who can help you understand your options and develop a plan to deal with your tax debt.
No worries how big or small are your financial matters, get your case solved by My Tax Problem Solved with a great satisfactory experience. If you are struggling with IRS audits, Collections, Back Taxes, or Liens and Levies, Get in touch with us NOW!
Use this link to schedule a free 30 Min Discovery call: