You Will Need to Follow These Steps to Get an Offer in Compromise
Study shows that many people are unable to pay their taxes. You may be thinking of what you can do when you cannot 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. One of the things that you should do is apply for the IRS. here is what you should do when you want to apply for an offer in compromise.
The first thing you should know is that it takes a process to apply for an IRS offer in compromise. There are things that can disqualify you if you are not careful. 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. These forms will show your income, other debts, bills, and also your assets. There is also a fee that you are supposed to pay for it to be taken as the 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.
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. You should know that you should not be bankrupt, have a court-ordered tax debt, and also be behind on your taxes as you will not qualify. Also, provide the necessary information and the documents you are asked for. They could also deny your application if you do not pay the required 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. You should know that you must have one thing that will be equal to your retained cash flow and you will get qualified. When you are accepted, you have two ways that you can pay your debt. You should know that there are various ways you can pay the debts either by installment in 2 years or five years.
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.