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Sep 2nd

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? 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.

The first thing you should know is that it takes a process to apply for an IRS offer in compromise. You may apply and fail and you keep wondering what went wrong. There are these documents that you are required to fill out. You should know the forms that you are required to fill out for you to continue. 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. This payment is a must to make.

Another thing you should know is that you must be qualified to apply for an IRS offer in compromise. You should have these qualifications before you even apply for an offer in compromise. 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. Another thing that will disqualify you is that you do not give out the necessary information or the documents you are asked to provide. The payments will also make you disqualified. You should know that you will not be accepted if you do not pay.

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. When they realize that you cannot afford to give out the things that will cover you when you are in debt then you are disqualified. When you are accepted, you have two ways that you can pay your debt. You should know that there are various ways you can pay the debts either by installment in 2 years or five years.

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