Do You Want to Apply for An Offer in Compromise? Here Is How to Go About It
Study shows that many people are unable to pay 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. You should consider finding the info that will add benefits to you. You should consider contacting the IRS as it is the one to help you. here is what you should do when you want to apply for 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. There are papers that you are supposed to fill out first. There are two important forms that you are supposed to fill out with your details. These forms will show your income, other debts, bills, and also your assets. After filling out the form you will be required to pay an application fee that can also be used as a waiver. 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. You are supposed to check it out everything before you start the process. Having a court-ordered tax debt and being behind on your taxes can make you disqualified. 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.
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. Once they find that you cannot give something equal to your retained cash flow then you will be disqualified. There are two ways in which you can choose to pay your debts. You should know that there are various ways you can pay the debts either by installment in 2 years or five years.
There are many benefits you will get when you apply for an offer in compromise. You should know that you will be able to pay the debt in peace.