Many people have been known to fail in paying their taxes. Have you been wondering what you will do if you are not able to pay your taxes? 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. 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 may apply and fail and you keep wondering what went wrong. 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. The details there will show the money you get and if you have other debts. 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.
There are other things that are checked for you to be qualified for an offer in compromise. The qualifications are a must-have when you are applying. It is important that you learn more about qualifications before you even begin. Having a court-ordered tax debt and being behind on your taxes can make you disqualified. Another thing that will disqualify you is that you do not give out the necessary information or the documents you are asked to provide. You are supposed to know that you will be disqualified if they find you have not paid the application fee.
You will need to provide the details about your past present and future income when applying for an offer in compromise. 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. 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. You should know that you will be able to pay the debt in peace.