If you can't pay back your state taxes, you can also file for a state installment agreement. In this case, you can make monthly payments toward your remaining state tax balance. Furthermore, Each state's policy for a state installment agreement may differ. Therefore, working with a tax relief professional can help you determine if you qualify for a state tax installment agreement. Therefore, no matter what state you reside in, FinishLine Tax Solutions can help. So, the benefit of working with a tax resolution professional is they are licensed to do business in any state. Therefore, whether you're in California or New York, we can help.
Additionally, our team of tax experts can help with your franchise tax board installment agreement. However, it can take a while for some states to respond to a request for a state installment agreement. Therefore, the sooner you act the better your chances are.
What if I can't pay my state taxes?
If you are unable to pay your state taxes, you can apply for an installment agreement. Usually, you can have from three to five years to pay off your taxes with a state installment agreement. However, it's best to act sooner rather than later. Importantly, as soon as you know you can't pay back your taxes, contact a tax professional. Furthermore, they can get you started with a state tax installment agreement. In other words, you can get back to financial freedom with a state installment agreement.
What's the difference between a state installment agreement and an IRS installment agreement?
As you may know from your taxes, you pay federal and state taxes. Each state is a separate taxing authority from the IRS. In other words, federal tax relief plans don’t always apply to state taxes. Furthermore, the IRS administers federal income tax. If you need to resolve federal income tax matters, the IRS handles that. However, if you have state tax matters, you go through your state. Additionally, in some cases, you might enroll in an installment agreement for state and federal taxes. Should this happen to you, a tax relief expert can be especially helpful.
Do tax installment agreements differ by state?
Each estate is a separate taxing authority. In other words, you should reach out to your specific state to determine possible payment plans. A tax relief expert can be extremely helpful in this case. Even if a tax professional is located in New York, they can still help with California state taxes.
How do installment agreements work?
In most cases, states allow for a payment plan to be developed between the taxpayer and the state. If you owe taxes and can't pay them, you can file for a state tax installment agreement. You can usually enter into an agreement to pay your taxes back in full. However, you can pay your taxes back in full at an affordable monthly payment amount. You should be aware that many states are much more aggressive than the IRS. In other words, states can come after you if you don’t pay what you owe in taxes. Especially now, states are really tightening the screws when it comes to taxpayers owing taxes. In other words, states will be less likely to compromise with you on paying back taxes.
Therefore, reach out to us as soon as you can. We can help you set up a state tax installment agreement in your state.
How do I apply for a franchise tax board installment agreement?
Like other agreements, you will have to negotiate with the state on a franchise tax board installment agreement. Therefore, it's beneficial to work with a tax professional when negotiating with the IRS. At FinishLine Tax Solutions, we don't believe in stopping until we get the best outcome for you. Therefore, you can trust that we'll negotiate with the state until you get an affordable payment plan. Once we have successfully negotiated a payment plan, we'll require you to agree to the following:
- Confirm you cannot pay back taxes due to financial hardship
- File and pay all future tax returns in a timely manner.
Interested in applying for an installment agreement? Contact FinishLine Tax Solutions
If you want to apply for a state installment agreement, call us at FinishLine Tax Solutions. We can determine if an installment agreement is the best way to settle your tax debt. Contact us today and we'll help you set up a viable financial future for you and your family. We offer free consultations for new customers so give us a call today.
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