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. One of the best things to do is to get more information before you take any steps. One of the things to do is ask for the info that will be an advantage 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.
You should know the first step to take when you are applying for an offer in compromise. You should know that you can apply and you be disqualified. One thing you should know is the documents you need 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. You should also make the application payment that will also be used as the waiver if you get qualified. 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. 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. 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.
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. They will also check your car model and how much you pay your bills. 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 you will be able to pay the debt in peace.