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? 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. 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. You should know that you can apply and you be disqualified. 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. 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. 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. The qualifications are a must-have when you are applying. 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. You are supposed to know that you will be disqualified if they find you have not paid the application fee.
The other that the IRS looks at when checking if you are qualified for an offer in compromise is your past, present, and future income. 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. 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.