What if you've done everything you can to get your tax bill paid down and nothing is working? If you find yourself in a situation where you've fallen behind on your How do I set up an Installment Agreement?MORE ABOUT
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state tax debt, you should know that you're not alone.

For starters, it's important to understand your options so you can pursue the best method of repayment.

What are your options?

The best and most proactive solution you can make before the state attempts to seize your assets is to set up a state tax payment plan, also known as an Installment Agreement.

This can be more complicated than it sounds, as each state across the country has developed its own payment plan program. For this reason, there are often difficulties in setting up an initial plan with the state Taxing Authorities.

Here are some points to help you understand more about state Installment Agreements:

  1. Taxpayer Rights - More often than not, the Taxing Authorities will tell you that you have to pay more than you can afford on a monthly basis. They assume that they have the leverage to control the negotiations, and that you are at their mercy. However, there are rules and procedures that must be followed, and grasping that knowledge will be important for you to come to a fair plan agreement. Getting a manageable payment plan is possible, but you must understand the system and all of your rights.

  2. Collection Status - The amount of time your issue has been going on and what history is noted on the case are very important details in developing a resolution strategy. Whether you have been levied by the state or you are just receiving your first collection warning notice, these unique circumstances will require different approaches to successfully obtain a manageable payment plan.

  3. Current Compliance - If you are missing tax returns or current tax deposits, this will have an effect on securing an Installment Agreement. The state Taxing Authorities will want you to have a game plan in place to address any outstanding compliance issues.

  4. Results - The end result must be a plan that you can afford. This is where the expertise of a tax professional can make the difference between a long-standing successful payment plan or one that is unmanageable and ultimately leaves you in a worse situation.

If you are looking to get advice about negotiating a state Installment Agreement, or you're currently having difficulties paying off an existing plan, you'll want more information. To learn more about Installment Agreements, download our free guide.

In addition, you can speak with a tax expert to get more answers about your situation at any point during the process.

State tax problems are nothing new, but the sooner you begin resolving the issues, the sooner you can get back to doing what counts - living a life free of debt.

Let 20/20 be a resource for you as you move forward with your life and permanently resolve your tax debt.

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