6 Facts About Everyone Thinks Are True
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? It would be best if you visited this site to get the details you need. You should consider finding the info that will add benefits to you. IRS is the one that will guide you through the process. here is what you should do when you want to apply for an offer in compromise.
There is a process that you should follow when you are applying for an offer in compromise. There are things that can disqualify you if you are not careful. 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. It is also required of you to pay an amount that is 20% of the debt that you have. You should know that the payment is non-negotiable.
Another thing you should know is that you must be qualified to apply for an IRS 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. 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. They will also check your car model and how much you pay your 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. Either by paying in installments or paying much money within five months.
It would be best if you get the benefits you will get after applying 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
