Is An Offer In Compromise Right For Me?

What Is An Offer In Compromise?

What exactly is an Offer in Compromise? Simply put it is a way to settle your tax debt for less than the full amount you owe. An Offer in Compromise is really only for people that would experience financial hardship if they had to pay their full tax bill. 

However, everyone who applies for this program will have their individual circumstances taken into account. 

These include:

• Your income
• Your ability to pay
• Your expenses and outgoings
• Your asset equity

What Does It Mean?

Usually, an Offer in Compromise represents the most you can be expected to pay within what is considered a reasonable amount of time. It is always worth exploring other options when it comes to tackling your tax debt as there might be other alternatives that are better suited to your circumstances. 

Is An Offer In Compromise Right For Me? 

The Offer in Compromise program isn’t suitable for everyone. For instance, you won’t be considered eligible if you are currently in open bankruptcy proceedings.

Applying for an Offer in Compromise can be a potentially confusing process so seeking professional help is worthwhile. 

At TaxFinders, we are here to help you file an Offer in Compromise correctly – or find a suitable alternative to settling your tax debt can really help to take the pressure off. 

It can also ensure that the application is filed correctly giving you a better chance of having it accepted. 

Working With TaxFinders:

If you are going to hire any tax professional, make sure to check out their qualifications and affiliations to ensure they are trustworthy. After all, your financial well-being is at stake. 

However, here at TaxFinders, we take all of that guesswork out of the game and get an honest job done right. We are a trusted name across the USA. 

It is also important to make sure you fully understand the full process and potential outcomes when applying for an Offer in Compromise. 

There is information on the Internal Revenue Service website but if this doesn’t feel clear to you contact us for a chat and we will clear up any confusion.