Here Is How You Can Qualify to Get an Offer in Compromise
Many people have been known to fail in paying their taxes. Have you been wondering what you will do if you are not able to pay your taxes? One of the best things to do is to get more information before you take any steps. You should consider finding the info that will add benefits to you. You should consider contacting the IRS as it is the one to help you. learn more below to know the steps you will need to follow to get an offer in compromise.
The first thing you should know is that it takes a process to apply for an IRS offer in compromise. You should know that you can apply and you be disqualified. There are papers that you are supposed to fill out first. There are two important forms that you are supposed to fill out with your details. These forms will show your income, other debts, bills, and also your assets. There is also a fee that you are supposed to pay for it to be taken as the waiver. It is also required of you to pay an amount that is 20% of the debt that you have. You should know that this payment is compulsory.
You should also consider other qualifications when applying for an offer in compromise. The qualifications are a must-have when you are applying. You are supposed to check it out everything before you start the process. You should know that you should not be bankrupt, have a court-ordered tax debt, and also be behind on your taxes as you will not qualify. Also, provide the necessary information and the documents you are asked for. You are supposed to know that you will be disqualified if they find you have not paid the application fee.
If you want to be accepted when you apply for an offer in compromise, then you should consider giving out info. about your past present, and future income. They will also check your car model and how much you pay your bills. You should know that you must have one thing that will be equal to your retained cash flow and you will get qualified. When you are accepted, you have two ways that you can pay your debt. Either by paying in installments or paying much money within five months.
You will get many advantages when you choose to apply for an offer in compromise. One is that you will be at peace knowing that you will pay your debt at your own pace.