A Quick Overlook of – Your Cheatsheet
Here Is How You Can Qualify to Get an Offer in Compromise
Study shows that many people are unable to pay their taxes. Have you been wondering what you will do if you are not able to pay your taxes? One of the best things to do is to get more information before you take any steps. 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. read more now to know how you can qualify 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. 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. 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. You should also be able to pay 20% of the debt that you owe. You should know that the payment is non-negotiable.
You should also consider other qualifications when applying for an offer in compromise. You will not be taken when you do not have these qualifications. 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. 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. 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. You should consider discover more about the methods you can use to pay your debts. You can either pay a large amount in five months or you can pay small amounts in 24 months in installments.
You will get many advantages when you choose to apply for an offer in compromise. You should know that you will be able to pay the debt in peace.