A tax lien is applied to every asset and piece of property owned by a delinquent taxpayer and is not removed by the government until all past-due taxes are paid off on the account.
Incurring a tax lien on your record can be a terrible encumbrance on your financial freedom.
1. Significance. A tax lien is levied by a government against the personal property and real estate of a taxpayer with delinquent tax accounts.
2. Function. A tax lien gives a higher priority to the tax debt due to the government over other creditors’ claims.
3. Considerations. Once a taxpayer pays off the remaining balance on his outstanding accounts, the lien remains in effect until a certain amount of time has passed since the lien was filed.
4. Prevention/Solution. Remaining current on all tax accounts that you owe the government is the best way to prevent a tax lien from being placed against your assets. Once a tax lien is placed, it must be paid in full to be satisfied.
5. Misconceptions. If a tax lien is filed in error, a taxpayer can petition for the lien to be removed without penalty.
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