The IRS offers several payment options if you owe federal tax. Here are a dozen key points to keep in mind when you pay your taxes this year.
Never send cash. Electronic payment options are the quickest and easiest way to pay your tax.
IRS Direct pay will withdraw directly from your bank account. IRS Details
Electronic Funds Withdrawal (EFW) is an integrated e-file/e-pay option offered when filing your federal taxes using tax preparation software or through a tax professional. IRS Details
Pay your Taxes by Debit or Credit Card. IRS Details.
You may be able to deduct the credit or debit card processing fee on next year’s return. It’s claimed on Schedule A, Itemized Deductions.
EFTPS: The Electronic Federal Tax Payment System is a secure government web site that allows users to make federal tax payments electronically. IRS Details
Pay by check or money order: If you choose to mail your tax payment check Here for mailing address and information. If you pay by paper check, complete Form 1040-V, Payment Voucher. Mail it with your tax return and payment to the IRS. Make sure you send them to the address listed on the back of Form 1040-V. This will help the IRS process your payment and post it to your account. You can get the form on IRS.gov/forms at any time.
Remember to include your payment with your tax return but do not staple or clip it to any tax form.
Even if you can’t pay your tax in full, the IRS urges you to file your tax return on time. You should pay as much as you can with your tax return. That will help keep your penalty and interest costs down. You have options such as an Installment agreement, which allows you to pay the balance over time. The Online Payment Agreement tool on IRS.gov Is the easy way to apply.
To listen to a recorded message on this subject, call TeleTax at 800.829.4477. Select Topic 202, Payment Options.