Monday, August 09, 2010

Questions for the Tax Lady: August 9th, 2010

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: What is the maximum value of the American opportunity tax credit?

You can claim the credit for up to $2,500 of qualifying tuition and related expenses. However, it can only be claimed for the first four years worth of post-secondary education.

Question #2: How do I remove a tax lien against my property?

A tax lien will lasts until your debt is paid off or otherwise satisfied.

The IRS will issue a Release of the Notice of Federal Tax Lien under the following criteria:

  • Within thirty days after a taxpayer satisfies his or her tax liabilities (including interest and penalties) by paying the debt or having it adjusted.
  • The taxpayer must pay all fees that a state or other jurisdiction charges to file and release the IRS tax lien. The fees are added to the total amount owed.

In a nutshell, you must resolve your liability before a tax lien will be removed. Click here to learn more about the tax debt resolution services offered by my law firm.

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