Do You Want to Apply for An Offer in Compromise? Here Is How to Go About It
Many people have been known to fail in paying their taxes. You may be thinking of what you can do when you cannot pay your taxes. You should consider gathering information from the best website to know what to do. One of the things to do is ask for the info that will be an advantage 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.
You should know the first step to take when you are applying for an offer in compromise. You should know that you can apply and you be disqualified. One thing you should know is the documents you need to fill out. For instance, you will need to fill out two forms. 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. This payment is a must to make.
There are other things that are checked for you to be qualified for an 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. 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. 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. 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.
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.