You Will Need to Follow These Steps 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? One of the best things to do is to get more information before you take any steps. You should consider finding the info that will add benefits to you. You should consider contacting the IRS as it is the one to help you. 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. There are things that can disqualify you if you are not careful. There are papers that you are supposed to fill out first. You should know the forms that you are required to fill out for you to continue. The details there will show the money you get and if you have other debts. You should also make the application payment that will also be used as the waiver if you get qualified. 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.
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. 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. You will also give out information about your car type and how you manage to pay the bills. Once they find that you cannot give something equal to your retained cash flow then you will be 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 there will be time to pay the debt at the pace that you need.
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