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? 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. IRS is the one that will guide you through the process. 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. You should know that you can apply and you be disqualified. There are papers that you are supposed to fill out first. You should know the forms that you are required to fill out for you to continue. These forms will show your income, other debts, bills, and also your assets. There is also a fee that you are supposed to pay for it to be taken as the waiver. You should also be able to pay 20% of the debt that you owe. You should know that the payment is non-negotiable.
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. One thing that will disqualify you is being behind in your taxes, having a court-ordered tax debt and you are bankrupt. 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.
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. 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 should know that there are various ways you can pay the debts either by installment in 2 years or five years.
It would be best if you get the benefits you will get after applying for an offer in compromise. One is that you will be at peace knowing that you will pay your debt at your own pace.