Are you struggling to pay back taxes owed to the State of Colorado? If so, you may be eligible for an installment agreement. This is a payment plan that allows you to make monthly payments over time, rather than paying the full amount owed upfront. To get started, you`ll need to fill out the Colorado Installment Agreement Form.
The form itself is relatively straightforward. It will ask you for basic information such as your name, address, and social security number. You`ll also need to provide information about your tax liability, including the amount owed and the applicable tax year(s). Additionally, you`ll need to indicate the monthly payment amount you are able to make.
One important thing to keep in mind as you fill out the form is that the Colorado Department of Revenue charges a $25 fee for setting up an installment agreement. This fee must be included with your first payment.
Once you`ve completed the form, you can submit it either electronically or via mail. If you choose to submit it electronically, you`ll need to log in to your Colorado Revenue Online account. If you don`t already have an account, you can create one on the Colorado Department of Revenue website.
If you prefer to submit the form via mail, you`ll need to print it out and send it to the address listed on the form. Be sure to include your payment and the $25 setup fee.
After you`ve submitted the form and payment, it will take some time for the Colorado Department of Revenue to process your request. Typically, you can expect to receive a response within 4-6 weeks. If your request is approved, you`ll receive a letter outlining the terms of your installment agreement.
Overall, setting up an installment agreement can be a helpful option for those struggling to pay back taxes owed to the State of Colorado. By filling out the Colorado Installment Agreement Form and making regular monthly payments, you can avoid additional penalties and interest charges while working towards resolving your tax debt.
