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. 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. 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. There is also a fee that you are supposed to pay for it to be taken as the 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.
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. Having a court-ordered tax debt and being behind on your taxes can make you disqualified. 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. 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. 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.
You will get many advantages when you choose to apply for an offer in compromise. One is that you will be at peace knowing that you will pay your debt at your own pace.
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