If you haven’t been keeping on top of your tax debt, facing a tax lien is a real possibility. Through a tax lien, the government can legally claim any of your financial assets. This includes all real estate and personal property. Surrendering your legal claim over the assets you worked hard to acquire to the IRS is scary and frustrating. The best thing you can do to keep yourself stress-free is to avoid getting an IRS tax lien altogether. Doing so is simple. By filing your tax returns on time and paying your taxes accordingly you’ll steer free of trouble. But, what if you have already been notified of a tax lien? Thankfully, there are plenty of ways to work yourself out of this tricky situation. Below we’ll go over the best ways to get rid of an IRS tax lien.
How To Get Rid Of An IRS Tax Lien
Pay Your Debt
Without a doubt, the best way to completely wipe away a tax lien is by paying your tax debt in full. In fact, after paying your tax debt the IRS will release your lien within just 30 days.
Discharge Of Property
Another option is the discharge of property. In this case, the lien over a specific property is discharged or removed. The purpose is to make selling or refinancing such property easier, thus improving your financial situation and increasing your ability to pay off your debt. To get your IRS tax lien discharged you’ll need to meet eligibility criteria and apply according to the steps outlined by the IRS.
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Subordination
Often confused with the former option, subordination doesn’t actually remove a tax lien. Instead, it simply allows other creditors and interested parties to move ahead of the IRS. This makes getting a loan or mortgage on your property far more likely.
Withdrawal
A tax lien withdrawal helps tax debtors by removing the public Notice of Federal Tax Lien. This guarantees that the IRS is not competing with other creditors for your property. But, even if the lien has been withdrawn, it is important that you keep in mind that in this scenario you’re still liable for the due amount. You can apply for withdrawal after your tax liability is accounted for or if you’ve entered an installment agreement.
Get Tax Lien Assistance
If you’re in a situation where you have to deal with a tax lien, the best thing you can do is find the appropriate assistance. The main way in which a tax law expert can help you with your IRS tax problems is by finding the best way to get rid of your tax lien. Not only can a tax attorney analyze your case on an individual basis, but they’ll also walk you through the entire process in dealing with your lien.
Find out how to get rid of an IRS tax lien with the help of Nick Nemeth’s tax attorneys. Get a free consultation ASAP by calling our offices at (972) 426-2553