The Mississippi Department of Revenue oversees a variety of taxes, including individual income tax, withholding tax, sales and use tax, corporate tax, and franchise tax. In addition, the agency oversees titling and registration of vehicles and monitors property tax assessments to ensure consistency in appraisal and valuation across municipalities and counties.
The department can set up an installment agreement if you’re having trouble paying off your Mississippi state taxes. This is similar to an IRS payment plan and requires manager approval. Typically, it lasts between 12-24 months and is paid in equal monthly payments. It’s important to note that this is only available for taxpayers with at least $75 in outstanding debt.
You can also dispute the MS DOR’s assessment or action within 60 days of receiving an assessment notice or notice of deficiency. You can do this by filling out a Review Board Appeal Petition form. This independent “quasi-judicial” body reviews disputed audit results, refund denials, and more. Lastly, you can request a waiver of penalties by submitting an Offer in Compromise.
How to Make Online Tax Payments in Mississippi?
Mississippi offers a number of tax benefits. Its income tax rates are lower than the national average, and its property taxes are much lower than those of many other states. Its senior citizens can also enjoy the fact that most retirement income is exempt from state taxes. However, it should be noted that its sales taxes are comparatively high.
Individuals can file their MS returns online and pay any balance owed through the Department of Revenue’s Taxpayer Access Point (TAP). The site also accepts credit cards and e-check payments. It’s also possible to file amended returns using the same system.
If you’re unable to pay your taxes in full, the DOR can set up an installment agreement for you. The eligibility requirements for this program vary by individual and business. It’s a good idea to consult with a tax professional before applying.
Taxpayers in Mississippi can also dispute a tax assessment, penalty, or notice from the DOR by filing a petition with the Board of Tax Appeals. This independent “quasi-judicial” entity can review and hear appeals regarding tax assessments, refund denials, and other DOR actions. This option is a better alternative to going to court.