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. It would be best if you asked for the important details that will benefit you. IRS is the one that will guide you through the process. here is what you should do when you want to apply for an offer in compromise.
The first thing you should know is that it takes a process to apply for an IRS offer in compromise. There are things that can disqualify you if you are not careful. 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. You will get to indicate if you have other debts and also the things that you own. You should also make the application payment that will also be used as the waiver if you get qualified. You should also be able to pay 20% of the debt that you owe. This payment is a must to make.
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. Therefore, you should be sure that you will qualify before you fill out any forms. 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. 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.
If you want to be accepted when you apply for an offer in compromise, then you should consider giving out info. about 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. There are two ways in which you can choose to pay your debts. You should know that there are various ways you can pay the debts either by installment in 2 years or five years.
It would be best if you get the benefits you will get after applying for an offer in compromise. You should know that there will be time to pay the debt at the pace that you need.