Kansas Installment Agreement: A Solution for Taxpayers
If you`re a taxpayer in Kansas who owes back taxes, you may be eligible for an installment agreement. This program allows taxpayers to pay their tax debt in smaller, more manageable amounts over time.
An installment agreement is a payment plan between a taxpayer and the Kansas Department of Revenue. The agreement allows the taxpayer to pay off their tax debt over a period of time while avoiding more aggressive collection actions such as wage garnishments, bank levies, and property seizures.
To qualify for an installment agreement in Kansas, you must meet certain requirements. You must have a valid Kansas tax liability, have filed all necessary tax returns, and be able to pay off your tax debt within 36 months. Additionally, you must be current on your estimated tax payments and not have defaulted on any prior installment agreements.
The amount of your monthly payments will depend on the amount of tax debt you owe and how long it will take you to pay off your debt. The minimum monthly payment for an installment agreement is $50 or 10% of your total tax liability, whichever is greater.
Once you`ve entered into an installment agreement, it`s important to make your payments on time and in full. Failure to do so can lead to default, which will result in more aggressive collection actions such as wage garnishments, bank levies, and property seizures.
If you`re struggling to pay off your tax debt in Kansas, an installment agreement may be the solution you`re looking for. It`s important to work with a tax professional who can help you understand your options and determine the best course of action for your individual situation.
In conclusion, an installment agreement is a helpful tool for taxpayers in Kansas who are unable to pay off their tax debt in full. By working with the Kansas Department of Revenue and making monthly payments, taxpayers can avoid more aggressive collection actions and successfully resolve their tax debt.