Here Is How You Can Qualify to Get an Offer in Compromise
Many people have been known to fail in paying their taxes. Do you know where to start if you are unable to pay your taxes on time? One of the best things to do is to get more information before you take any steps. You should consider finding the info that will add benefits to you. IRS is the one that will guide you through the process. 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. There are things that can disqualify you if you are not careful. There are these documents that you are required to fill out. For instance, you will need to fill out two forms. These forms will show your income, other debts, bills, and also your assets. 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 the payment is non-negotiable.
There are other things that are checked for you to be qualified for an offer in compromise. You should have these qualifications before you even apply for an offer in compromise. 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. They could also deny your application if you do not pay the required fee.
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. 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. Either by paying in installments or paying much money within five months.
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.