The IRS typically announces the payment schedule for taxes in the month of January. Initially, the IRS only used to accept payments through cash or cheque. But now there are many feasible ways through which you can very easily pay your taxes.
If you owe any taxes to the IRS, it provides you with several easy options to make payments now.
6 Ways to Make an IRS Payment
These taxes could be business taxes, installments, or audit taxes which you might have been charged with. You can also talk to IRS tax audit lawyers to get all the necessary information regarding your tax payments.
They can help set up different payment plans if you don’t have a feasible amount now.
Below mentioned are 6 ways to make an IRS payment.
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
1. Pay Using IRS DirectPay
You can easily set up an electronic funds transfer from your bank accounts through the DirectPay services on the IRS website. You can also access DirectPay on IRS2Go mobile app which is available on Google Play, Amazon App store, and Apple App store.
You can easily schedule payments up to 30 days in advance or cancel and modify before 2 days of scheduled remit. It also allows you to pay estimated taxes, installment agreement payments, and payments for amended tax returns or extensions.
2. Pay Through The Electronic Federal Tax Payment System (EFTPS)
The EFTPS is operated by the Treasury Department and it doesn’t charge any fees for the process. You can simply register yourself at the IRS EFTPS website and fill in your identity and bank information. Then you will get a PIN within a week to set your password and you can access your id. This method allows a single-day payment and you can schedule any payments up to a year in advance and change or modify 2 days before the scheduled date.
3. Pay Online Using Debit Or Credit Card
The IRS provides three independent payment processors, which you can easily access through IRS website or IRS2Go mobile app. Then you can input your tax amount and choose to pay using any credit or debit card. As simple as that!
These processors directly send your taxes to the IRS. However, keep in mind that card payments can incur a convenience fee based on your card provider’s terms.
4.Pay Through Check
The simple age-old method of writing a check can be out of fashion but it’s typically the best hassle-free choice. You can write a check with Payee as the U.S. Treasury and mail it to the IRS. You need to make sure that it includes your name, address, social security number, contact number, tax year, and any other related tax form or notice number.
5. Payment Using Same-Day Wire Service
Many banks have the ability to set-up same-day wire transfers from your bank directly to the IRS. This allows easy and speedy payments if you’re running late to pay your taxes. However, the banks may charge a fee depending on the institution’s policies. And you also have to fill separate worksheets for each payment you make to the IRS.
6. Pay In Cash
If you’re concerned about online hacking, fraud, and scams, you can go old-school and make payments in cash to an IRS office. You can make an appointment online by finding the nearest office and reduce long waiting hours and queues.
You can also make payments in cash to retailers who’re approved by the IRS. The IRS sends information regarding these in an email when you register on IRS’s PayNearMe website. However, these can take up to five to seven business days for your payment to process.
We hope these payment methods ensure hassle-free and convenient payment options according to your needs.
Some other articles you might find of interest:
Make your business rock with these business plan writing skills:
Would you like to know how investors value a startup?