The tax industry has its own vernacular, which can be confusing for the average taxpayer. With terms like wage garnishment, liens, and levies floating around, it can be hard to determine exactly what your issue is and what can be done about it.

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Tax Lien

If you have accrued federal tax debt and have neglected to pay, the IRS can issue a tax lien, or a declaration of legal right to property. While a tax levy can involve the actual seizure of assets, a lien only secures the interest in the property and signifies that the federal government has the first legal claim to your property. This ensures that the federal government receives your taxes owed before any other creditor or lender.

It can be tricky to navigate the course of a tax lien, but getting your finances back in order is possible.

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How Can I Resolve a Tax Lien?

Tax liens require immediate action. The best course of action is to repay your tax debt in full, after which the lien will be discharged within 30 days of receipt. However, taxpayers who owe a significant amount of debt understandably cannot afford to pay such large sums. As soon as you receive a Notice and Demand for Payment from the IRS, you can avoid a tax lien altogether by setting up a payment plan.

Other options include discharge of property, which removes the lien from a specific piece of property. Typically, this only occurs if the federal government has a lien on enough property to pay off your tax debt. The removal of a lien from a specific piece of property can increase your chances of acquiring asset-backed loans.

Subordination allows other creditors to have priority over the IRS, which can assist in securing business loans. In certain cases, subordination can help you pay off tax debt faster. You may also want to consider refinancing your debt to secure a lower-interest-rate loan.

How Can FreshStartInfo Help?

Figuring out how to manage and settle a tax lien can be an overwhelming, frightening process. By filling out our free survey to determine if you qualify for professional tax relief, FreshStartInfo can partner you with a qualified professional with a proven track record in settling and removing tax liens to help you find the best course of action.

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