Here Is How You Can Qualify to Get an Offer in Compromise
You may have heard that people are having trouble paying their taxes on time. You may be thinking of what you can do when you cannot pay your taxes. 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. 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.
You should know the first step to take when you are applying for an offer in compromise. You should know that you can apply and you be disqualified. There are these documents that you are required to fill out. For instance, you will need to fill out two forms. You will get to indicate if you have other debts and also the things that you own. 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. 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 will not be taken when you do not have these qualifications. 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. Also, provide the necessary information and the documents you are asked for. 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. You can either pay a large amount in five months or you can pay small amounts in 24 months in installments.
You will get many advantages when you choose to apply for an offer in compromise. You should know that there will be time to pay the debt at the pace that you need.