Federal Tax Liens
Tax Liens can really make your life miserable! When your taxes are unpaid the IRS and/or the State files a lien against all of your assets. This gives them the legal right to collect taxes from the sale of your assets, which includes literally everything you own.
Tax liens may be filed against you, your spouse, or your company depending on how the tax liability was incurred. Everything you own is in jeopardy of becoming property of the government.
To make matters worse tax liens filed against you show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. If a lender is willing to approve a loan for you, the interest rate will be higher when a lien appears on your credit report. Think about paying 18-22% interest on a car that is already too expensive. Buying or selling real estate is likely out of reach as well.
Tax liens can be removed once the government is satisfied that you are compliant, so getting compliant is step number one in the process. That could be filing back tax returns, setting up an installment agreement, or enrolling in one of the other IRS settlement programs. The good news is, once your tax problem is solved, we can get tax liens erased from your credit report!