Will You Be Facing an IRS Tax Lien or an Early Refund?
By J. Stefan
The year 2010 has been tough for many Americans because of the loss of so many jobs, the economy doing a double dip at times, and even some folks were faced with foreclosure.
All these things have made the year rough and now it is tax time.
What are you expecting this time will you be facing an IRS tax lien or an early refund?
Many people who had good jobs and earned a lot of money in the first part of the year 2010 lost it all about the middle of the year when they lost their jobs.
This tragedy could cause many tax payers to owe the IRS taxes but without the means to pay.
This is not unexpected for tax payers this year because of the rough year we have all suffered through in 2010.
When you owe unpaid back taxes and are not able to make payments, you may find that the tax agent may put a tax lien on some of your property. The most important thing to remember is to file your taxes on time and try to file them as accurately as possible. This will help keep your penalties down to a minimum.
It is wise to hire a lawyer who can help you negotiate with the government on your behalf. In this manner you might be able to work out a payment plan instead of having a tax lien put in on your property.
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Early Refund Instead of an IRS Tax Lien
When you know that you already have all your important papers gathered together and there is a possibility that you could file your tax returns early, then you might want to have them verified by an IRS tax attorney for errors.
After wards you can go ahead and file your IRS taxes, especially if you feel that you might be getting a tax refund.
The year 2010 left open a lot of new things that you could use for deductions and this just might help you in what you owe the IRS in back taxes from previous years. The IRS will send you an early refund that you can apply towards your back taxes. Some people prefer to do this so that they will not have to face a tax lien on their property because of unpaid back taxes from previous years.
The early refund can be very helpful when you already have a tax lien on some of your personal property.
IRS Tax Lien on Property
The IRS has a right to claim some of your personal property and put a tax lien on it through the federal courts to prevent you from selling or giving the property away. In most cases the IRS will confiscate the personal property and put it up for sale by auctioning it off to the highest bidder. The money that they get goes towards the amount of money that you owe the IRS in back taxes. If you are able to pay what you owe in full, sometimes you can reclaim the items that the IRS has put a tax lien on before they sell the property. When you have a tax refund the IRS will apply that money on what you owe in back IRS taxes. You still owe the balance of your taxes before you can claim anything that the IRS has put a tax lien against.
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Tax News November 2010
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J. Stefan is a senior paralegal and supports two IRS tax attorneys at the Dallas office of Allmand and Lee. She assists counselors who represent individuals with IRS tax problems and aids in their issues being addressed until they are solved. Josie has over 15 years experience and shares common problems and resolutions individuals face on her IRS Debts Secrets blog daily.
For more information and tips on how to avoid IRS tax bankruptcy, visit IRS Debts Secrets now. Allmand and Lee are Dallas and Fort Worth Bankruptcy Attorneys who fight the IRS on behalf of many Americans, negotiating on their behalf to minimize unpaid taxes and tax penalties. Visit the site today to find answers on how to manage your tax troubles.
Article Source: In 2011 Will You Be Facing an IRS Tax Lien or an Early Refund?
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