Do You Want to Apply for An Offer in Compromise? Here Is How to Go About It
Study shows that many people are unable to pay their taxes. Do you know where to start if you are unable to pay your taxes on time? It would be best if you visited this site to get the details you need. It would be best if you asked for the important details that will benefit you. IRS is the one that will guide you through the process. learn more below to know the steps you will need to follow to get an offer in compromise.
You should know the first step to take when you are applying for an offer in compromise. There are things that can disqualify you if you are not careful. 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. The details there will show the money you get and if you have other debts. You should also make the application payment that will also be used as the waiver if you get qualified. There is also an amount you will be required to pay to cover 20% of your debt. You should know that this payment is compulsory.
There are other things that are checked for you to be qualified for an offer in compromise. You will not be taken when you do not have these qualifications. It is important that you learn more about qualifications before you even begin. Having a court-ordered tax debt and being behind on your taxes can make you disqualified. Another thing that will disqualify you is that you do not give out the necessary information or the documents you are asked to provide. The payments will also make you disqualified. You should know that you will not be accepted if you do not pay.
The other that the IRS looks at when checking if you are qualified for an offer in compromise is your past, present, and future income. You will also give out information about your car type and how you manage to pay the bills. Once they find that you cannot give something equal to your retained cash flow then you will be disqualified. When you are accepted, you have two ways that you can pay your debt. You should know that there are various ways you can pay the debts either by installment in 2 years or five years.
You will get many advantages when you choose to apply for an offer in compromise. You should know that you will be able to pay the debt in peace.