How do I set up a payment plan for my taxes?

If you owe taxes in Virginia and are unable to pay the full amount, the Virginia Department of Taxation offers a payment plan that can be set up to help you pay your taxes in installments. To set up a payment plan, you must contact the Department of Taxation. You can call the Taxpayer Services Division at 804-367-8037, or you can log onto the Department of Taxation’s website and fill out the online form to request a payment agreement. When requesting a payment plan, the Department of Taxation will need some information from you. This includes your name, address, social security number or employer identification number, and the amount of taxes you owe. You’ll also have to provide the Department of Taxation with a detailed explanation of why you need the payment agreement, your estimated future income, and the total amount of debts you currently have. Once the Department of Taxation has received all the necessary information, they will be able to determine the best payment plan for you based on your individual situation. Depending on the amount of taxes you owe, payment plans can be as short as three months or as long as twelve months. It’s important to note that any payment plan must be approved by both the taxpayer and the Department of Taxation in order for it to be valid. If you fail to make payments on time or don’t pay in full, your payment plan may be cancelled and you may be subject to additional penalties.

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