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Tax Lien Removal in Billings
Are you facing a tax lien in Billings? Tax liens are one of the more serious types of tax collection actions. They affect a debtor’s ability to buy and sell personal property, get financing, or be employed in industries that require special licensure or fiduciary duties. Once a tax lien is in effect, they are difficult to remove without the help of an experienced tax professional who specializes in tax lien removal and resolution.
The Effects of a Tax Lien Can Be Devastating
Tax liens are imposed by law on a property to secure the payment of tax debt. A tax lien could be imposed for back taxes owed on real estate or personal property due to failure to pay federal or state taxes.
While the IRS and state tax authorities don’t report to credit bureaus, a tax lien can be detected by the credit bureau during periodic updates of your credit history. Once a tax lien is on a debtor’s credit history, results can be devastating.
Tax liens can prevent someone from:
- Buying or selling property
- Obtaining credit to buy a car
- Affect job security for those with professional licenses, security clearances, and fiduciary duties
How to Remove a Tax Lien with Professional Help
Whether the tax debt is state or federal determines how long a tax lien will remain in effect. The IRS may allow tax debt forgiveness after 10 years in certain states. State tax liens cannot be removed until the full debt is paid.
Even after you pay off your tax debt, a lien isn’t automatically removed and may continue to ruin your financial well-being. By getting the support of an experienced tax professional, a tax lien can be removed faster by obtaining a lien satisfaction letter. This should be filed in the county where the lien is in effect and sent to all major credit reporting agencies.
However, not all tax liens can be removed. Removal of a tax lien depends on several factors such as the debt amount, tax type, historical debt data, and the resolution. A tax professional who specializes in tax lien removal can assess your tax lien situation to determine whether it can be removed.
Allow Key Tax Group to Help Remove Tax Liens in Billings
At Key Tax Group, we specialize in tax lien removal for Billings residents. We’ve helped over 10,000 clients achieve a tax debt resolution. We have the experience and legal expertise to resolve your tax issues and give you peace of mind. Contact Key Tax Group today for a free consultation to learn how we can help.