Here Is How You Can Qualify to Get an Offer in Compromise
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? 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.
You should know the first step to take when you are applying for an offer in compromise. There are things that can disqualify you if you are not careful. There are papers that you are supposed to fill out first. For instance, you will need to fill out two forms. The details there will show the money you get and if you have other debts. 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 the payment is non-negotiable.
You should also consider other qualifications when applying 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. Having a court-ordered tax debt and being behind on your taxes can make you disqualified. Also, provide the necessary information and the documents you are asked for. The payments will also make you disqualified. You should know that you will not be accepted if you do not pay.
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. 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.
It would be best if you get the benefits you will get after applying for an offer in compromise. You should know that you will be able to pay the debt in peace.