Thursday, February 1, 2007

ELECTRONIC FEDERAL TAX PAYMENTS

-You can save time and trouble by paying your taxes online. If you file estimated taxes through the mail, you have to fill out four quarterly Form 1040ESs, make sure you mail them before the due date and hope the mail arrives on time. Using the mail and Form 1040ES you are limited to making your payments quarterly. Some people prefer to pay monthly.

I like to pay as many bills as possible online so I don't have to worry about forgetting to put a stamp on the envelope or having it lost or delayed in the mail. Once I sent a credit card payment in before it was due, but it was delayed over a month in the mail. Then I was charged interest on the card. I thought it had been lost, so I added it to my next bill and ended up with a credit balance due to paying about $1000 more than the amount I owed.

The IRS prefers that you pay electronically. It is less work for them and less trouble for you.

You can enroll in the IRS Electronic Federal Tax Payment program, (EFTPS) and pay quarterly, monthly or however you choose. You can prearrange payments to be charged to your bank account when due. If you need to change the scheduled payments you can do so and you can send in an extra additional payment for unanticipated extra income (in case you win the lottery or something).


After you enroll in EFTPS, you will receive a confirmation package by mail. In a separate mailing you will receive an EFTPS Personal Identification Number (PIN) with instructions for activating your enrollment. Employers who apply for and receive a new Employer Identification Number and have a federal tax obligation are automatically enrolled in EFTPS Express Enrollment to make their Federal Tax Deposits.

For more information you can visit IRS.gov. Click on the e-file logo and look for "Electronic Payment Options" and the EFTPS logo. To enroll, visit EFTPS.gov or call EFTPS Customer Service at 800-555-4477.

Link: EFTPS Web Site

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This information is not intended to be advice to the recipient. In compliance with Treasury Department Circular 230, unless stated to the contrary, any Federal Tax advice contained in this Blog was not intended or written to be used and cannot be used for the purposes of avoiding penalties.





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