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A tax lien is the federal government’s right to use a person’s assets, such as property or income, to collect on federal taxes that haven’t been paid. The IRS will send a bill, and if the owed taxes aren’t paid on time, they can place a federal tax lien on your property. Find out more about what a federal tax lien is, and answers to other important questions.

What Does a Tax Lien Mean?

When you receive a tax lien, it means that the federal government claims that you owe them taxes. In addition, they could add interest, other costs, and penalties to the lien.

What does this all mean to you? A tax lien lets you know that:

  • The government claims their legal ability to use your assets to pay your taxes, even before other creditors can, such as your mortgage provider.
  • Your credit report could show the tax lien and scare off potential creditors.
  • The sale of your home could be slowed when the lien is noticed during a title search.
  • A lot of your time could be wasted dealing with the IRS.
  • You could have trouble getting a small business loan.

How Long Do Tax Liens Last?

Tax liens usually expire after ten years. However, the IRS has the ability to re-file the tax lien. Plus, very few taxpayers wait the ten years, because the lien allows the government to take your earned income or property during that time and put it toward your debt. It’s best to work to get rid of the lien, either by paying what you owe or working with a professional resolution service like Tax Help MD.

How Do You Find Out the Payoff Amount For a Federal Tax Lien?

If you need to find out the amount of your tax lien, call the Centralized Lien Operation department within the IRS. Currently, their number is (800) 913-6050. The IRS can help you form a plan to pay off the lien.

Do you need help with a federal tax lien? Dealing with the IRS can be scary, but you don’t have to do it alone. Find out how we can get you through this difficult tax problem. You need someone at your side who has experience with this issue. Contact Tax Help MD today.