You Will Need to Follow These Steps to Get an Offer in Compromise
You may have heard that people are having trouble paying their taxes on time. Have you been wondering what you will do if you are not able to pay your taxes? 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. IRS is the one that will guide you through the process. 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 should know that you can apply and you be disqualified. One thing you should know is the documents you need to fill out. There are two important forms that you are supposed to fill out with your details. The details there will show the money you get and if you have other debts. There is also a fee that you are supposed to pay for it to be taken as the 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. The qualifications are a must-have when you are applying. It is important that you learn more about qualifications before you even begin. One thing that will disqualify you is being behind in your taxes, having a court-ordered tax debt and you are bankrupt. 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. 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. 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. One is that you will be at peace knowing that you will pay your debt at your own pace.
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