Tax debt refers to the amount of taxes that you owe to the government, either because you did not pay enough during the year or because you made a mistake on your tax return.
It is your responsibility to understand that tax debt can accumulate over time, and if left unaddressed, it can lead to severe consequences. If you owe tax debt, the government can take legal action against you, which can result in wage garnishment, bank account levies, and a tax lien can be placed on any property that you own or have an interest in, including real estate, vehicles, and other assets.
A tax lien can make it challenging to refinance your mortgage or sell your property. If you try to sell your property, the IRS has the right to collect the amount owed from the sale proceeds. This can make it difficult to sell your property for a fair price.
To avoid these consequences, it’s important to take action immediately if you know you owe tax debt. The first step is to determine how much you owe by reviewing your tax returns and any notices that the government has sent you.
If you already have a tax lien filed against you, THD Credit Consulting has teamed up with a nationally recognized tax relief company that will offer you a Free Consultation!
They have helped thousands of people lower stress, lower tax debt and will provide guidance and expertise within the government’s continually changing tax laws.
If you are interested in finding out more about this company and would like a free consultation from them, call 800-822-7120 and I will make the introduction.