Tips in Preventing a Tax Lien

By dhinternational  /  July 31, 2012 / Comments Off on Tips in Preventing a Tax Lien

Tips in Preventing a Tax LienAs we all know tax lien is filed against a property owner who has unpaid tax obligations to the counties.  We all know how this tax lien can affect our credit and future transactions.  And once this is filed against us, it will be difficult to release it since it will stay in our credit rating for several years.  One of the main things that we do to prevent this from happening is to pay our debt in full.  However, this will be difficult to some who are struggling in their finances.  Once we received a notice from the IRS, we should respond to it immediately to prevent the impression that we are delaying the collection process, to hide, or transfer our assets because this could lead them to issue the tax lien against us immediately.

For people who are in chaos with their finances, we can still arrange a payment plan with the IRS.  We can pay a down payment to what we owe, and probably arrange a monthly payment until we can pay the taxes in full.  For some people this is the easiest way to prevent a tax lien being filed against their name.  However, for those who really got no time to deal with the IRS, they jumped in into the solution of borrowing the money, and applying for a loan in a financial institution to pay their back taxes in full.  Just to make sure there won’t be any tax liens that will be filed against their name.

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