How to Deal with a Tax Lien: A Comprehensive Guide
If you owe taxes to the government and fail to pay, you might be facing a tax lien. A tax lien is a legal claim made by the government against your assets, including your property, bank accounts, and other assets. It can make it difficult to obtain credit, sell your property, or even open a bank account.
At Rockwater Associates, we understand how stressful it can be to deal with a tax lien. That’s why we offer a variety of services to help you navigate the process and find a solution that works for you. In this comprehensive guide, we’ll walk you through everything you need to know about dealing with a tax lien.
What is a Tax Lien?
A tax lien is a legal claim made by the government against your assets when you fail to pay taxes owed. It can be filed against your property, bank accounts, and other assets. The lien is a public record and can be seen by anyone who searches your name or property records.
What Are Your Options?
If you have a tax lien, it’s important to understand your options. One option is to pay the taxes owed in full, which will release the lien. However, this may not be feasible for everyone. Another option is to apply for an installment agreement, which allows you to pay off the taxes over time. You can also submit an offer in compromise, which is an agreement between you and the IRS to settle the tax debt for less than the full amount.
At Rockwater Associates, we can help you understand your options and work with the IRS to find a solution that works for you. We’ll analyze your financial situation and help you determine which option is best for you.
How to Remove a Tax Lien
Once you’ve paid off your tax debt or have entered into an agreement with the IRS, you can request that the lien be released. The IRS will then update its records to show that the lien has been released. This process can take several weeks, so it’s important to start as soon as possible.
If you need to sell your property or refinance your mortgage, you can request that the lien be subordinated. This means that the government agrees to take a lower priority on its claim to your property. This can make it easier to sell your property or refinance your mortgage.
How Can Rockwater Associates Help?
At Rockwater Associates, we understand that dealing with a tax lien can be overwhelming. That’s why we offer a variety of services to help you navigate the process. Our team of experts can help you understand your options and work with the IRS to find a solution that works for you.
We can also help you with other tax-related issues, including tax planning and compliance, preparing and filing your taxes, and negotiating with the IRS on your behalf.
Dealing with a tax lien can be stressful, but you don’t have to do it alone. At Rockwater Associates, we’re here to help you navigate the process and find a solution that works for you. Contact us today to learn more about how we can help you regain control of your finances.