Here Is How You Can Qualify to Get an Offer in Compromise

Study shows that many people are unable to pay their taxes. You may be thinking of what you can do when you cannot pay your taxes. 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. You should consider contacting the IRS as it is the one to help you. read more now to know how you can qualify to get an offer in compromise.

There is a process that you should follow when you are applying for an 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. 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. 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. The qualifications are a must-have when you are applying. 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. How you afford to pay your bills will also matter and the type of car you drive. You should know that you must have one thing that will be equal to your retained cash flow and you will get qualified. 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. One is that you will be at peace knowing that you will pay your debt at your own pace.