Tax Lien Certificate Opportunity and Risk

By dhinternational  /  July 29, 2013 / Comments Off on Tax Lien Certificate Opportunity and Risk

Tax Lien Certificate Opportunity and RiskAfter the redemption period of the tax lien certificate sale, the owner of the lien can file for a foreclosure on the property of the delinquent taxpayer for still not paying the tax debt. The lien holder must do this in order to acquire a valid title over the property. The value of the property in the market then becomes of greater value than its actual pricing. Put into mind that the whole process may not be as easy as it looks. It is because there are risks involved in getting a very profitable property in the market today.

Furthermore, time and expenses are also involved in some court actions that would further create a big impact on the investment, and decisions of the lien holder. These are all normally deducted from the profits of selling the property. This is the reason why it is a must to do due diligence first with this opportunity in order to get the guaranteed return of investments.

IRS Tax Lien Settlement and Outcome

By dhinternational  /  July 25, 2013 / Comments Off on IRS Tax Lien Settlement and Outcome

IRS Tax Lien Settlement and OutcomeWhat if you do not have the money to pay past due taxes? What will happen to your assets and property? Are you ready to face a tax lien? But if you negotiate a settlement with the IRS and they are not willing to do so, what will be the outcome?

You must put in mind that the IRS would not remove a tax lien under your name until the debt is paid in full. Another thing is to settle for the amount owed. There are times though where the IRS would agree to subordinate the lien to a willing lender. The effect of this action is that it provides the new lender’s lien a top priority over the property.

Now, if you really do not have the money to pay the debt, and going to surrender your property to the IRS, you can then apply for tax lien discharge. This is possible provided that the IRS would receive any proceeds at closing in order to recover lost taxes. So, remember that ignoring any liability would definitely result to fines and penalties that can increase your tax debt.

IRS Tax Lien Serious Outcome

By dhinternational  /  July 22, 2013 / Comments Off on IRS Tax Lien Serious Outcome

IRS Tax Lien Serious OutcomeAn IRS tax lien is a very effective legal means of the government to recover lost revenues in the form of back taxes. It has the power to put a black mark in your credit report. Also, you may not know about it until you get a loan. So how serious is an IRS tax lien?

An IRS tax lien won’t let you loan anything. It also hinders any plans of refinancing your home. And if it is not fixed right away, the interest rate on your credit card would soar up. Your credit is shot to make it simple. Not to mention it would jeopardize your job if it requires a security clearance.

How can an IRS tax lien be lifted? It can only be removed once you have paid your tax debt in full. It is not the same as wage garnishment which can be temporarily lifted. So, in order to begin on repairing your credit, settle your tax debt with the IRS immediately.

The IRS Tax Levy Penalty

By dhinternational  /  July 16, 2013 / Comments Off on The IRS Tax Levy Penalty

The IRS Tax Levy PenaltyA tax lien represents the legal right of the IRS to your property if no taxes were paid.  However, this is not the only thing that you must worry about.  It is because tax levy is also lurking in the corner for those delinquent taxpayers.

A tax levy is the actual seizure of assets and property by the government so that back taxes would be covered.  If you have been filed with a tax lien and failed to pay it in full, you would most likely receive summons about it.  Tax levy is the type of penalty carried on by the IRS to collect due taxes.  It is their final effort of getting what is owed to the government.

Tax levy can be avoided if you just pay your taxes in due time.  Do not miss out because there would be a heavy price to pay for negligence.  Take charge of your financial future by educating yourself with the tax penalty system of the IRS.

Bad Effects of a Federal Tax Lien

By dhinternational  /  July 9, 2013 / Comments Off on Bad Effects of a Federal Tax Lien

Bad Effects of a Federal Tax LienTaxpayers who have not caught up in paying their taxes are going to receive notice of federal tax lien. This will be filed against them and can have negative effects in their lives.

Those who are not yet familiar with it, lien is basically a claim coming from the government. They claim the money owed to them. It is also a charge on a property for the payment of tax debt. When the government makes this claim, a document would be filed to the county clerk’s office and other public records available.

The lien filed in public has bad effects because it can damage credit score. This makes it difficult to get a loan or mortgage using credit. Plus, it can interfere the selling of a property. Also, it makes a taxpayer not suitable for certain jobs. These are just some of the not so good effects of federal tax lien.

Federal Tax Lien Limitations

By dhinternational  /  July 3, 2013 / Comments Off on Federal Tax Lien Limitations

Federal Tax Lien LimitationsYour ability to borrow money is completely taken away from you when the IRS would put a federal tax lien on your credit.  You absolutely have no chance of getting any type of financing or acquiring a loan until the tax debt is paid.  You must know that a lien is quite difficult to remove unlike other tax collection actions such as a levy and wage garnishment.  The goal of the IRS to file such a thing is to get the taxes owed to them.

As powerful as the federal tax lien may be, there are still limitations to what it can do.  Keep in mind that there are important procedures that must be followed for both parties.  The IRS is a bureaucracy and they must accomplish a few things before hitting you with a tax lien.  Here they are:

a. Assessment of income must be conducted.  If you have already declared for bankruptcy, then there isn’t any use of implementing a tax lien against you.

b. An agreement to demand for payment must be reached with you and the IRS.  They must make an effort to do this before imposing a lien, and beginning any type of involuntary tax debt collection.

Always remember though that a federal tax lien would remain in effect until your tax debt has been paid in full.  There may also be certain circumstances that would require for the removal of the lien.

Know a Tax Lien and Protect Yourself

By dhinternational  /  July 1, 2013 / Comments Off on Know a Tax Lien and Protect Yourself

Know a Tax Lien and Protect YourselfWhenever a taxpayer has failed to do his financial obligations to the government by paying taxes, the IRS files a lien against him. They arise from the situation and reach all the assets that belong to the delinquent taxpayer. His property is not safe wherever it may be. The lien continues in full force not until the tax is paid in full amount with the interests and fees. When the IRS makes their claim to the property and assets of the taxpayer, the recorded lien places all creditors on notice with it. It would now be impossible for the taxpayer to secure a loan to pay off his tax debt. Also, it is very difficult to sell the encumbered property. The IRS now gets the right to sell the property at a tax lien certificate sale to acquire back taxes and lost revenues.

It must be noted that a tax lien is applicable against intangible and personal property. It also covers future interests as well as properties that may be acquired by the delinquent taxpayer, after the filing of the lien. Protect assets and know the facts. So, it is best to settle a tax debt to avoid all of the problems that come with it.

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