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Nov 14th

Do You Want to Apply for An Offer in Compromise? Here Is How to Go About It

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? You should consider gathering information from the best website to know what to do. 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.

There is a process that you should follow when you are applying for an offer in compromise. There are things that can disqualify you if you are not careful. There are these documents that you are required to fill out. There are two important forms that you are supposed to fill out with your details. 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. You should also be able to pay 20% of the debt that you owe. You should know that the payment is non-negotiable.

You should also consider other qualifications when applying for an offer in compromise. You will not be taken when you do not have these qualifications. You are supposed to check it out everything before you start the process. You should know that you should not be bankrupt, have a court-ordered tax debt, and also be behind on your taxes as you will not qualify. 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. How you afford to pay your bills will also matter and the type of car you drive. 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. You can either pay a large amount in five months or you can pay small amounts in 24 months in installments.

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.

This post topic: Legal