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? It would be best if you visited this site to get the details you need. 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. There are things that can disqualify you if you are not careful. 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. These forms will show your income, other debts, bills, and also your assets. After filling out the form you will be required to pay an application fee that can also be used as a waiver. You should also be able to pay 20% of the debt that you owe. This payment is a must to make.
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. It is important that you learn more about qualifications before you even begin. 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. Once they find that you cannot give something equal to your retained cash flow then you will be 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.
It would be best if you get the benefits you will get after applying for an offer in compromise. You should know that there will be time to pay the debt at the pace that you need.