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Is there a difference between personal tax liens and business tax liens?
Wiki User
∙ 18y ago
Yes there is. When a business person owns personal property (including a home(s)) usually that person will put most of the personal assets into their wife's name. This action protects the business person in such situations as bankruptcy and liens. The house and property can't be touched as an asset. Although highly not legal, a person in a business can hide (within reason) many of the tools of their trade (storage) or have another person store it for them. EXAMPLE: If you had a company that made motorcycles and you were behind on your taxes or going bankrupt a lien will be put on your business and in most cases your business or personal accounts will be frozen. You could hide some tools used in your business (I wouldn't recommend this) or, you could put some of the business in your wife's name, but if there is a lien against you it's a little late for this now. If you aren't married and everything is in your name, then you run the risk of losing everything. When running a business it's really conducive to have your own lawyer and also have at least a CGA do your personal and Business Taxes. There are more write-offs than you can ever know and you may miss them if you don't file for them. If you have your taxes done by a CGA it is less likely the IRS or (Revenue Canada) will check your records re paying taxes.
Wiki User
∙ 18y ago
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How long does an unpaid tax lien stay on your credit report in Pennsylvania?
The Fair Credit Reporting Act allows unpaid tax liens to remain indefinitely on your credit report. Paid tax liens may remain for 7 years from the date of payment.
What are state tax liens and why are they important?
Taxes levied on a homeowner for their property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on property, or as a result of someone not paying their taxes. They are important, because you want to keep your house and property, and not get it seized. Tax liens are issued when the IRS decides to claim your assets as their own in lieu of you paying your income taxes. Tax liens can take your real property, empty your bank accounts, and seize your paychecks.
How do you find out if you owe the IRS money?
this number will tell you if you have any liens or offsets attached to your ssn 800.304.3107 alt number for irs. 800.829.1040
If your credit report show state and federal income tax liens that are 'released' can you dispute them and have them taken off completely?
You can dispute any items on your credit report, including public records like judgments, bankruptcy, foreclosure and tax liens. Items such as these have a significant impact on your credit score. The most important thing about legal entries is having the proper disposition recorded. Unpaid and non-released tax liens have no statute of limitations for how long they can show on your credit report. But the release of lien will trigger the 7 year countdown for when they will no longer show (unless over-ridden by state law). You should be aware that legal items find their way onto your credit report by different means than ordinary trade line. The method of verification varies also. If you have released liens showing on your credit that are accurate; the likelihood of those "coming off" is very low.
How do you find out if there is a tax lien against you and another person?
You could try checking your name in the local land records to see if any tax liens have been recorded against you. If you find any lien simply check the names listed on the lien.You could try checking your name in the local land records to see if any tax liens have been recorded against you. If you find any lien simply check the names listed on the lien.You could try checking your name in the local land records to see if any tax liens have been recorded against you. If you find any lien simply check the names listed on the lien.You could try checking your name in the local land records to see if any tax liens have been recorded against you. If you find any lien simply check the names listed on the lien.
Home equity is?
Home equity is defined as the difference between the fair market value and any liens on the home.
What is difference between attachment and lien?
There are many types of liens. An attachment is a type of lien generated by a court during the course of a lawsuit.
Is there a difference between a lien and a judgment when you go to bankruptcy court or on your credit report?
A lien is always against real property, such as a house. this prevents the property from being sold or used as collateral. A judgment can be anything from the liquidation of assets to garnisment of bank accounts and wages. Big difference in bankruptcy. There is even a difference in the type of liens. For example, judgment liens are a lot easier to avoid than administrative liens. Judgment creditors have much less power to affect your plan than lienholders. These answers are incomplete. For example, there are liens against personal property, including some tax liens and security interests under the uniform commercial code. Consult an experienced competent bankruptcy attorney for a better explanation as soon as possible. Delay, mistakes and acting on incomplete information can be expensive.
Mortgage on personal property?
Generally, mortgages are for real estate. Liens or secured loans are used for personal property.
What is difference between state tax lien and tax warrants?
They are essentially the same thing. Some states call them liens, some call them warrants.
What is the difference between a lien and a judgement?
A judgment is a decision made by the courts in a civil suit. A successful plaintiff must enforce and collect upon the judgment. If the defendant doesn't voluntarily pay the judgment, the plaintiff can request a judgement lien.The judgment lien must be appropriately filed in order for the creditor to secure their position to collect the debt. It can be: served on a bank to freeze a bank account; recorded in the land records to seize real property; used by the sheriff to seize personal property; etc.A judgment lien is a TYPE of involuntary lien. There are many different types of voluntary and involuntary liens such as: mortgages; income tax liens; property tax liens; liens for municipal services; mechanic's liens; child support liens; and, judgment liens.
You are owed money for rent and personal loans how do you put a lien on personal property?
Liens can only be placed on real property such as a home, business, vehicle. To recover monies owed the creditor must sue the debtor in the appropriate state court in the county in which the debtor resides. (Personal property are things such as income, bonds, stocks, bank accounts, furnishings, etc.) These items are not subject to liens, but are garnished/levied, seized and sold by means of a court ordered judgment.)
What is home equity?
Home equity is the unlimited interest of one's property as listed on the market. It's the difference between the home's fair market value and the balance owed on the liens that are on the property.
What is unsecured debt?
Any debt that does not have collateral property attached to it, (credit cards, personal loans, pay day loans, etc.). Secured debts are real property (homes, business, vehicles, goods purchased on merchant accounts, perfected liens, etc.).
Is a statutory lien an involuntary lien?
Yes. Statutory liens include tax liens, mechanic's liens, judgment liens, etc.
How many civil judgment liens can be placed on a piece of property?
There is no limit to the number of liens that can be recorded.There is no limit to the number of liens that can be recorded.There is no limit to the number of liens that can be recorded.There is no limit to the number of liens that can be recorded.
Classifications of liens?
There are few types: construction, security, tax, judgment, artisan... you should check your state statutes (lien laws) for the types of liens and the requirements for each. Most state statutes are available online.
