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. 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. 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. 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 may apply and fail and you keep wondering what went wrong. There are papers that you are supposed to fill out first. For instance, you will need to fill out two forms. You will get to indicate if you have other debts and also the things that you own. 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 this payment is compulsory.
There are other things that are checked for you to be qualified for an offer in compromise. You should have these qualifications before you even apply for an offer in compromise. 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. Another thing that will disqualify you is that you do not give out the necessary information or the documents you are asked to provide. You are supposed to know that you will be disqualified if they find you have not paid the application fee.
You will need to provide the details about your past present and future income when applying for an offer in compromise. 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. There are two ways in which you can choose to pay your debts. You should know that there are various ways you can pay the debts either by installment in 2 years or five years.
There are many benefits you will get when you apply for an offer in compromise. You should know that there will be time to pay the debt at the pace that you need.