Do You Want to Apply for An Offer in Compromise? Here Is How to Go About It
You may have heard that people are having trouble paying their taxes on time. You may be thinking of what you can do when you cannot pay your taxes. It would be best if you visited this site to get the details you need. It would be best if you asked for the important details that will benefit 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 may apply and fail and you keep wondering what went wrong. One thing you should know is the documents you need 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. It is also required of you to pay an amount that is 20% of the debt that you have. 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. Therefore, you should be sure that you will qualify before you fill out any forms. 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. 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. You should know that you must have one thing that will be equal to your retained cash flow and you will get qualified. 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.
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.