If you owe state taxes, you may want to know if you’re eligible for a Missouri tax payment plan. The most direct way to take care of a late tax bill is to simply make a one-time lump payment for the full total. The Missouri Department of Revenue does also offer payment plans for both individuals and businesses struggling with late or incomplete tax payments.
Missouri State Tax Payment Plan
Missouri is considered one of the friendlier states in terms of providing payment options for taxpayers who are struggling to stay current while wishing to avoid harsh penalties. Taxpayers can generally apply, set up an account, and make payments fully online. However, it’s very important to comply with all requirements fully when applying for a Missouri state tax payment plan to ensure that you don’t face rejection or default.
Can You Make Payments on Missouri State Taxes?
Yes, you can do this through a Missouri Department of Revenue payment plan if you’re having tax problems. The Missouri Department of Revenue accepts online payments in the form of a credit card or E-Check (electronic bank draft). However, you can only begin making payments once you have been accepted into the Missouri state income tax payment plan via your own installment agreement (AI).
Can You Pay Missouri State Taxes in Installments?
The Missouri state tax payment plan is referred to as the state’s Internet Installment Agreement program. This program allows you to pay what you owe using digital payments. Any taxpayer who enters into an installment agreement in Missouri should be aware that the program does charge interest. Your interest will be calculated using the state’s current interest rate. Your personal rate may fluctuate by year. Payment plans last for 36 months.
What Are the Conditions of a Missouri Tax Payment Plan?
The Missouri Department of Revenue generally takes an inviting approach to its payment program. However, the program does have criteria. A Missouri income tax business payment plan can only be created for delinquent balances totaling $50 or more. You’ll need to make a full payment online via credit card or E-Check to clear your balance if you owe less than $50 in taxes.
There are three big stipulations to know about if you’ll be applying to the program as either an individual or business. First, you must be current with all tax filings to be eligible to enter the Missouri state tax payment plan. Taking care of this can often be as simple as filing your unfiled taxes. You must also have less than two previous defaulted agreements in order to qualify. Lastly, defaulting on taxes by missing payments or incurring new tax debts while your payment plan is ongoing will result in your account being canceled.
Who’s Eligible for a Missouri State Tax Payment Plan?
Any individual or business owing Missouri taxes will generally be eligible for the Missouri state income tax payment plan as long as all current tax returns are filed. The duration of an installment agreement is the same for individuals and businesses. Generally, it’s a good idea to sit down with a tax professional to ensure that you have clearance to apply based on your tax status and history.
What Is the Process for Creating a Tax Payment Plan in Missouri?
Entering the Missouri income tax payment plan is a very streamlined, digital process. To begin, you’ll need to gather your social security number (SSN) if you’re applying as an individual taxpayer. Businesses will need to supply their business tax identification numbers. You should also have your most recent tax notices with IRS PIN and a credit card on hand when you begin the application process.
Get Help Creating a Missouri Tax Payment Plan
At Tax Group Center, we understand how overwhelming it can be to enter into a payment agreement with the state. Our team of tax professionals can guide you through the process of making sure you’re complying fully with all of Missouri’s requirements both during the application process and after you’re accepted. Contact our office today to learn how we can help you get this done quickly and smoothly if you’re looking for relief solutions for state taxes!