Debt comes in many forms, but your tax obligations are some of the most important forms of debt to stay up to date with. The IRS heavily tracks all tax submissions and obligations of Americans. If you get behind on your taxes, it can have a negative effect on your financial stability and put a major burden on your family. But what can happen if you become negligent with your tax payments? Learn the major consequences of falling behind on your taxes and how tax resolution services can help solve your problems!
Tax liens are imposed on real property by the government when a person fails to delinquent taxes in a timely manner. According to the IRS Code, “If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belong to such person.” This means that your property, whether real estate or personal property can be forfeited over to the United States government as payment for delinquent taxes.
Not paying your taxes can significantly affect your credit score. Creditors take tax issues very seriously and tax liens can cause your credit score to plummet to the very bottom of the score chart. If a credit company looks at your records and sees tax liens from the United States government, this can be an automatic trigger for denial of funds and leaving you no access to additional monetary assistance from creditors and banks alike.
That’s right, tax liens are shown in public records. This means that you can potentially be put in a situation where family, friends and employers know about the delinquent taxes and can be put in an embarrassing situation. Avoid these instances by getting right with your tax problems quickly using tax resolution services
What Are Tax Resolution Services?
These services can assist you in negotiating with the IRS regarding your delinquent tax payments to create a reduced and lower monthly or quarterly payment to the IRS. This can possibly lead to an improved credit score quicker and the possibility of more financial freedom in your future.
Ready to learn more about tax resolution services? Infinity Consumer Services is the leader in tax resolution services and has a strong record of positive results with the IRS. Learn more today!