Posts Tagged ‘tax payments’

Options For Paying Your Federal Income Taxes

Thursday, April 15th, 2021

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice. 

IRS Issue Number: Tax Tip 2021-50

Here’s how people can pay their federal taxes

The May 17 deadline for individuals to file and pay their federal income tax is fast approaching. While paying taxes is not optional, people do have options when it comes to how they pay taxes. The IRS offers a variety of ways to pay taxes.

Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and S corporation shareholders who expect to owe $1,000 or more when they file. Individuals who participate in the gig economy might also have to make estimated payments. The deadline to pay estimated taxes remains April 15, 2021.


Federal Tax Payment Procedures

Wednesday, April 6th, 2011

There are several options which are available to you if you will be required to send an addtional tax payment to the U.S. Treasury.  However, do NOT send cash!  Among the choices which you have are:

  • Use the Electronic Federal Tax Payment System (EFTPS) at;
  • File your tax return electronically (e-file) and use the free electronic payment system (direct withdrawal) from your checking or savings account;
  • Pay via a telephone call using your credit or debit card (there is a “convenience charge” if you use this method);
  •  Enclose your payment (check, money order etc) with your tax return.  If it is available, include the payment voucher (Form 1040-V) which provides all of the essential information for your payment;
  • If necessary, pay all that is possible and request that you be approved for installment payments using Form 9465 (“Installment Agreement Request”) for the unpaid balance. (more…)

Federal Tax Payments and the EFTPS

Tuesday, April 6th, 2010

Virtually all of the Federal and State taxing authorities want to make it just as easy as possible for you to pay your taxes.  You may remember many years ago when there was the multi-use Federal Tax Deposit coupon (Form 8109).  It was about the size of a standard check, could be used for different tax deposits, but the deposit itself had to be made in a Federal depository bank. Over the past 15 years major improvements have been provided to taxpayers everywhere – choose your “weapon”!  You have the option to pay using:

1)  Electronic withdrawal from your bank account

2)  Your telephone

3)  Either your debit or credit card

4)  A personal check and the U.S. Postal System, or

5)  The Electronic Federal Tax Payment System (EFTPS)

This FREE system began in 1996. If you’re not familiar with the EFTPS, you can obtain more information at this website:  There’s information on how to enroll, how to make payments, payment records that are available to both the business owner and to individual taxpayers, and the Frequently Asked Questions (FAQs) via this link:  You can even enroll on line!  This is an encrypted, secure website. 

Payments must be scheduled at least one calendar day prior to the tax due date by 8:00 p.m. ET. Your payment instruction will be executed on the date you selected, and your records will be updated at the IRS.  There is an advantage here for improving either your personal or business cash flow.  You retain your cash or working capital until the due date for the deposit or the date that you select for your payment(s).  If you are uncomfortable with the Federal or state government having access to your bank account, open a separate or special account just for your tax payments.  Most banks and financial institutions do not impose additional charges for these accounts.  Here is additional information on this subject: