You Will Need to Follow These Steps 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? 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.
The first thing you should know is that it takes a process to apply for an IRS 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. You will get to indicate if you have other debts and also the things that you own. 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 this payment is compulsory.
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. Also, provide the necessary information and the documents you are asked for. You are supposed to know that you will be disqualified if they find you have not paid the application fee.
You will need to provide the details about your past present and future income when applying for an offer in compromise. 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. When you are accepted, you have two ways that you can pay your debt. 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. One is that you will be at peace knowing that you will pay your debt at your own pace.
