Do You Want to Apply for An Offer in Compromise? Here Is How to Go About It
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. One of the best things to do is to get more information before you take any steps. It would be best if you asked for the important details that will benefit you. You should consider contacting the IRS as it is the one to help you. read more now to know how you can qualify to get an offer in compromise.
There is a process that you should follow when you are applying for an offer in compromise. You should know that you can apply and you be disqualified. There are papers that you are supposed to fill out first. 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. 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. 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. 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. One thing that will disqualify you is being behind in your taxes, having a court-ordered tax debt and you are bankrupt. It would be best that you give out the forms you are asked for and also give out the details in full. The payments will also make you disqualified. You should know that you will not be accepted if you do not pay.
If you want to be accepted when you apply for an offer in compromise, then you should consider giving out info. about your past present, and future income. They will also check your car model and how much you pay your bills. 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. You should consider discover more about the methods you can use 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.
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.