One of the many obligations of the working force is to pay taxes. Taxes fund many things and this includes infrastructure, payment for government workers, police, fire fighters and other common resources. To ensure that you give what is due for the common good of all, there are various ways of paying your tax return:
- Online Transaction: Via Your Bank Account Using DirectPay
- You can simply set up your electronic fund transfer via your bank account whether it may be savings or checking account through DirectPay. This is accessible right on the IRS official website at IRS.gov. What’s cool about this payment process is that IRS does not charge any processing fee. You can also set up your scheduling of payments for thirty days (30 days) in advance. Take note, however, that DirectPay only handles payments in connection with form 1040 which encompasses balance due payments, extension payments and estimated payments. Also, keep in mind to get a confirmation copy of your transaction for future reference.
- Online Transaction: Via Your Bank Account Using EFTPS.gov
- First, you must register at EFTPS.gov and then you can set up your schedule of payment which can be made up to 365 days in advance. Yes, it can be advanced in whole year! If you also want to schedule all your estimated tax payments just in one time, EFTPS can do it for you. This is due to the fact that it is handled by the Treasury Department itself. Like the DirectPay, it does not give processing fees. But unlike DirectPay, it can also handle form 1040 related issues, Federal tax payment, corporate taxes, payroll taxes, etc.
- Online Transaction: Via Debit or Credit Card Using Third Party Payment Processor
- There’s a list of accredited payment processors with the approval of IRS. However, you must note that these third party payment processors also charge fees that may vary as per processor. Also, the credit card company may also include certain interest fees as well. One good thing that you can benefit with this method is that IRS won’t know of your bank account.
- Offline Transaction: Mail Check or Money Order Together with Form 1040-V
- Of course, the recipient of your check or money order and 1040-V form should be the Internal Revenue Service (IRS). If it is a check, indicate that the check is payable to the United States Treasure with your Social Security number, tax form and tax year stated in the memo field. It is imperative that you don’t clip or staple the check with the voucher.