Practical and Helpful Tips:
Here Is How You Can Qualify to Get an Offer in Compromise
You may have heard that people are having trouble paying their taxes on time. You may be thinking of what you can do when you cannot 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. 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.
The first thing you should know is that it takes a process to apply for an IRS 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. You should know the forms that you are required to fill out for you to continue. You will get to indicate if you have other debts and also the things that you own. 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 this payment is compulsory.
Another thing you should know is that you must be qualified to apply for an IRS 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. One thing that will disqualify you is being behind in your taxes, having a court-ordered tax debt and you are bankrupt. It would be best that you give out the forms you are asked for and also give out the details in full. 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 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 there will be time to pay the debt at the pace that you need.
This post topic: Legal
