Tax Lien Hits Your Credit

By dhinternational  /  June 25, 2013 / Comments Off on Tax Lien Hits Your Credit

Tax Lien Hits Your CreditYou did not file your tax returns and now you owe the IRS a lot of money in back taxes.  So, what is going to happen after?  The IRS will be sending you letters indicating the need to collect money for lost revenues.  The first couple of letters may not seem important yet but the final notice would show the severity of the situation.  Once you receive the final letter and it tells about implementing a tax lien against you, then you’re in for a nightmare.

How bad the situation can be?  There is a high chance that by the time you get the final notice, the lien has already taken effect.  Even if the final notice says that you have 10 days to either pay the tax debt in full, or set up an offer in compromise, still the damage has been done.  So, your credit is now in danger.

Remember that the most common lien filed by the IRS is the one that is placed on your credit.  It makes it impossible to buy anything using your credit.  The ability to purchase a new car, refinance mortgage, and a loan is taken away from you.  Having a tax lien filed against you practically destroys your credit score.  So, avoid tax lien by not ignoring the notice letters from the IRS and paying taxes on time.

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