You Will Need to Follow These Steps to Get an Offer in Compromise
You may have heard that people are having trouble paying their taxes on time. Have you been wondering what you will do if you are not able to pay your taxes? It would be best if you visited this site to get the details you need. One of the things to do is ask for the info that will be an advantage 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. There are these documents that you are required to fill out. 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. There is also a fee that you are supposed to pay for it to be taken as the waiver. 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 should have these qualifications before you even apply for an offer in compromise. Therefore, you should be sure that you will qualify before you fill out any forms. 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. Another thing that will disqualify you is that you do not give out the necessary information or the documents you are asked to provide. You are supposed to know that you will be disqualified if they find you have not paid the application fee.
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. 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.
There are many benefits you will get when you apply for an offer in compromise. You should know that there will be time to pay the debt at the pace that you need.