If you owe taxes to the Missouri Department of Revenue but are unable to pay the full amount, you may be able to arrange an installment agreement. An installment agreement allows you to make monthly payments over time until your tax debt is paid off. This option can help you avoid penalties and interest charges that would accrue if you didn`t pay your taxes in full.
To set up an installment agreement with the Missouri Department of Revenue, you must first file all required tax returns and pay any current tax liabilities. Then, you can request an installment agreement by filling out Form MO-9465, Installment Agreement Request. This form is available on the Department of Revenue`s website.
When filling out the form, you`ll need to provide information about your income and expenses to show that you can`t pay the full amount owed all at once. You`ll also need to decide on the amount of your monthly payments and the duration of the agreement. Keep in mind that interest and penalties will continue to accrue until your tax debt is paid in full.
Once your installment agreement is approved, you`ll need to make your monthly payments on time. If you miss any payments, the Department of Revenue may terminate your installment agreement and begin collection action. You`ll also need to file all future tax returns and pay any taxes owed on time.
If you`re experiencing financial hardship or other extenuating circumstances, you may be able to negotiate a more favorable installment agreement. The Department of Revenue has a Taxpayer Advocate Office that can assist you with this process. You can contact them at 573-526-8299 or by email at taxpayeradvocate@dor.mo.gov.
In summary, if you owe taxes to the Missouri Department of Revenue that you can`t pay in full, you may be able to set up an installment agreement. This option can help you avoid penalties and interest charges, but it`s important to make your monthly payments on time and file all future tax returns on time. If you need assistance, the Department of Revenue`s Taxpayer Advocate Office is available to help.