You Will Need to Follow These Steps to Get an Offer in Compromise
Study shows that many people are unable to pay their taxes. 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. read more now to know how you can qualify 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. 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. You should also be able to pay 20% of the debt that you owe. You should know that this payment is compulsory.
You should also consider other qualifications when applying for an offer in compromise. You should have these qualifications before you even apply for an offer in compromise. You are supposed to check it out everything before you start the process. 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.
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. When you are accepted, you have two ways that you can pay your debt. Either by paying in installments or paying much money within five months.
There are many benefits you will get when you apply for an offer in compromise. You should know that you will be able to pay the debt in peace.