Here Is How You Can Qualify to Get an Offer in Compromise
Study shows that many people are unable to pay 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. 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. here is what you should do when you want to apply for 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 may apply and fail and you keep wondering what went wrong. One thing you should know is the documents you need to fill out. 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. There is also an amount you will be required to pay to cover 20% of your debt. 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. 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. The payments will also make you disqualified. You should know that you will not be accepted if you do not pay.
You will need to provide the details about your past present and future income when applying for an offer in compromise. They will also check your car model and how much you pay your bills. 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. 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. You should know that there will be time to pay the debt at the pace that you need.