You Will Need to Follow These Steps to Get an Offer in Compromise
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? You should consider gathering information from the best website to know what to do. You should consider finding the info that will add benefits to you. IRS is the one that will guide you through the process. here is what you should do when you want to apply for an offer in compromise.
There is a process that you should follow when you are applying for an offer in compromise. You may apply and fail and you keep wondering what went wrong. One thing you should know is the documents you need to fill out. 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. You should also make the application payment that will also be used as the waiver if you get qualified. You should also be able to pay 20% of the debt that you owe. You should know that the payment is non-negotiable.
Another thing you should know is that you must be qualified to apply for an IRS offer in compromise. The qualifications are a must-have when you are applying. It is important that you learn more about qualifications before you even begin. One thing that will disqualify you is being behind in your taxes, having a court-ordered tax debt and you are bankrupt. 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. How you afford to pay your bills will also matter and the type of car you drive. When they realize that you cannot afford to give out the things that will cover you when you are in debt then you are disqualified. There are two ways in which you can choose to pay your debts. Either by paying in installments or paying much money within five months.
There are many benefits you will get when you apply for an offer in compromise. You should know that you will be able to pay the debt in peace.
