27 Feb Illinois Dept of Revenue Installment Agreement
Illinois Department of Revenue Installment Agreement: How to Make Payment Plans
If you find yourself struggling to pay your Illinois state taxes, you might be relieved to know that you can work out a payment plan with the Illinois Department of Revenue. This kind of arrangement is called an installment agreement. An installment agreement allows you to pay your tax debt off over time, rather than all at once.
Here`s everything you need to know about how to set up an Illinois Department of Revenue installment agreement.
Who is eligible for an installment agreement?
Individuals, businesses, and even nonprofit organizations are eligible for installment agreements. If you owe $2,000 or less, you can set up an installment agreement online. If you owe more than $2,000, you`ll need to speak with a representative from the Illinois Department of Revenue to set up your payment plan.
How do you set up an installment agreement?
There are a few ways you can set up an installment agreement with the Illinois Department of Revenue:
Online: If you owe $2,000 or less, you can set up an installment agreement online through the Illinois Department of Revenue website.
Phone: If you owe more than $2,000, you can call the Illinois Department of Revenue at 1-800-732-8866 to speak with a representative and set up your installment agreement.
Mail: You can also set up your installment agreement by mail. Send a completed Form IL-141-I (Installment Agreement Request) and a check or money order for your first payment to:
Illinois Department of Revenue
P.O. Box 19017
Springfield, IL 62794-9017
What are the terms of the installment agreement?
When you set up an installment agreement with the Illinois Department of Revenue, you`ll need to agree to certain terms. These terms include:
Payment amount: You`ll need to agree to a monthly payment amount.
Payment due date: You`ll also need to agree to a due date for your monthly payment.
Interest and penalties: You`ll still be charged interest and penalties on your tax debt, even if you set up an installment agreement.
How can you make your payments?
Once you`ve set up your installment agreement, you`ll need to make your monthly payments on time. There are several ways you can make your payments:
Online: You can make your payments online through the Illinois Department of Revenue website.
Phone: You can also make your payments over the phone by calling 1-800-732-8866.
Mail: You can mail your payments to the address listed on your installment agreement.
In person: You can make your payments in person at an Illinois Department of Revenue office.
What happens if you miss a payment?
If you miss a payment on your installment agreement, the Illinois Department of Revenue may take action to collect your tax debt. This could include placing a lien on your property or garnishing your wages.
It`s essential to make your payments on time and in full if you want to avoid any negative consequences.
In conclusion, an Illinois Department of Revenue installment agreement can be a lifesaver for individuals and businesses struggling to pay their state taxes. With the right information, you can set up an installment agreement and make regular payments on your tax debt. If you`re having trouble with your taxes, don`t hesitate to reach out to the Illinois Department of Revenue for help.