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Do You Want to Apply for An Offer in Compromise? Here Is How to Go About It
You may have heard that people are having trouble paying their taxes on time. 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. 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.
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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. 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. You will get to indicate if you have other debts and also the things that you own. 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. 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. Also, provide the necessary information and the documents you are asked for. The payments will also make you disqualified. You should know that you will not be accepted if you do not pay.
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. 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 can either pay a large amount in five months or you can pay small amounts in 24 months in installments.
You will get many advantages when you choose to 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