Connecticut residents who fail to pay their taxes can face a number of penalties. Tax liens, for example, allow the government to make claims on property so, in the event the property is sold, the proceeds will go toward one's tax debt. Those who think tax liens are kept private have another thing coming. They are a matter of public record and can affect far more than one's property.
This year, a number of Connecticut residents found themselves facing tax bills that they could not afford to pay. Since the deadline to file and pay taxes has come and gone, those who failed to apply for extensions probably have a lot of concerns about what the government can do to them if their tax bills do not get paid in the coming months. The simple truth is, if taxes never get paid, the Internal Revenue Service has the right to place tax liens on personal property.
In light of the tax changes that took effect in 2018, are you finding that you owe the government a significant sum this year? If you are, you are not alone. Many Connecticut residents have been shocked to see that, instead of receiving tax refunds, they owe a lot. If you cannot afford to pay what you owe in taxes by mid-April, do not fret; the Internal Revenue Service is likely willing to work with you on this.
Connecticut residents who have found themselves in the position of being unable to meet their tax obligations may have found themselves in trouble with the Internal Revenue Service. How exactly? They may have received notice that tax liens have been filed against them. Here are some things people need to understand about tax liens.
Credit reporting is one way the Internal Revenue Service tries to get Connecticut residents to pay their taxes. When the IRS files tax liens, this information is sent to credit reporting companies and placed on one's credit report, which can do a lot of damage to one's already delicate financial situation. Those who have tax liens posted on their credit reports may have them removed by following these five simple steps.
For many, federal taxes are a year-round issue, especially if they are behind on paying what they owe. The pressure of owing back taxes to the federal government can affect many areas of a person's life. Unlike most other creditors, the IRS has powers it can use to recover the debt, such as garnishing wages and placing tax liens on property. The agency is now putting into action its new powers granted by a recently-enacted law.
According to the dictionary, a lien is the right of a creditor to take possession of someone else's property until that person's debt is paid or discharged. When it comes to taxes, the government has the right to take one's property if taxes are not paid. Connecticut residents who are facing tax liens may have options to deal with the situation before it becomes a significant issue.
Connecticut residents who fail to pay their taxes may face some serious consequences. Tax liens, for example, may be initiated, which means the state or federal government can take control of one's property. Tax liens will also be listed on one's credit report, which can cause a number of long-term financial issues. ?
Many lawmakers in Washington D.C. are celebrating after passing a new tax law that will take effect in 2018. What does this new law mean for Connecticut residents? How exactly did the federal income tax brackets change?
No one loves taxes. Sometimes, they are a financial burden that some simply cannot afford to pay. Failing to pay can have serious consequences, however. In a previous post, this column addressed the purpose of tax liens -- a punishment for not paying taxes. This week, this column will answer some common questions that Connecticut residents may have about federal tax liens.