What is a Tax Lien?
First of all, to understand a complex term such a tax lien, we need to get down to the basics. Taxes, by nature is every working or earning man’s obligation to the country. Without taxes, all major infrastructures and public commodities we are currently enjoying wouldn’t be possible. In short, taxes are the lifeline of a country. The tax lien is defined by the IRS as the government’s legal claim against a taxpayer’s property when they neglect or fail to pay a tax debt. The lien protects the government’s interest in all the taxpayer’s property, including real estate, personal property and financial assets. In short, a tax lien is a notice from the government to all concerned parties that it has legal right to a delinquent taxpayer’s property. In the event that you receive a tax lien, one of the immediate things that come to mind will be how to get out of that sticky situation.
How Do I Get Out of Tax Lien?
One of the common questions concerning tax liens is if a taxpayer can discharge it. There are several ways to get out of a tax lien. The best way to get out of a tax lien is to pay your tax debt in full. By doing this, the IRS will then release a lien 30 days after that tax debt has been fully paid. If paying your tax debt in full may not seem like an achievable option as of the moment, there are other ways and flexible terms of payment you can avail to eventually get out of a tax lien or minimize its impact on your property. But then again, if things get too complicated for you, and you are not sure on how to proceed, it is best to seek professional advice or counsel.
Seeking Legal Advice
One of the best persons you can talk to about tax lien options is a tax attorney. Tax attorneys are lawyers who specialize in the complex and technical field of tax law. Chad Silver from the Silver Tax Group (https://silvertaxgroup.com/) explains that you can amend mistakes on past taxes up to three years from the date they were filed. With this legal advice in mind, it can give you ample time to work on adjustment and payment terms with the IRS until the tax lien is discharged. There are many tax attorneys and tax law firms that can offer you professional and legal advice on how to handle tax issues such as tax lien and how to keep oneself out of tax trouble.
And the way out is…
Going back to the question of can you discharge a tax lien, the answer is definitely yes. It just takes the affected taxpayer’s willingness to settle the tax debt. To do so, you need to comply with the term of tax debt payment and look for the best possible payment option to settle your tax debt over time. The IRS has several payment options that you can avail if paying the full amount is not possible as of the moment. If you are not sure on what to do or how to proceed with settling your tax debt or getting out of a tax lien, it is best to seek professional assistance and advice from a tax attorney. The Silver Tax Group is one of the many tax law firms that offer such service. But of course, prevention is still better than cure. Thus, to avoid problems with your tax, especially a tax lien, you just need to file and pay your taxes in full and on time.
