Here Is How You Can Qualify to Get an Offer in Compromise
Study shows that many people are unable to pay their taxes. 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. 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.
The first thing you should know is that it takes a process to apply for an IRS 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. You should know the forms that you are required to fill out for you to continue. 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. There is also an amount you will be required to pay to cover 20% of your debt. You should know that this payment is compulsory.
Another thing you should know is that you must be qualified to apply for an IRS 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. Having a court-ordered tax debt and being behind on your taxes can make you disqualified. 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. You will also give out information about your car type and how you manage to pay the 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. When you are accepted, you have two ways that you can pay your debt. 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. One is that you will be at peace knowing that you will pay your debt at your own pace.