Options For Paying Your Taxes

If you do not pay your taxes when due, you may have to pay a failure-to-pay penalty. To avoid this penalty, the IRS suggests several ways to pay your taxes. You can pay by check, money order or credit card or use the automatic withdrawal method.

Check or Money Order
If you choose to pay by check or money order, make it out to “United States Treasury.” Please show your correct name, address, Social Security number, daytime telephone number and the tax year and form number on the front of your check or money order.

Credit Card
You can charge your taxes on your American Express, MasterCard, Visa or Discover Card. To pay by credit card, contact one of the service providers at its telephone number or Web site listed below and follow the instructions. The service providers charge a convenience fee based on the amount you are paying. Do not add the convenience fee to your tax payment.

Official Payments Corporation
Phone: 1-800-2PAY-TAX (1-800-272-9829)

LINK2GOV Corporation
Phone: 1-888-PAY-1040 (1-888-729-1040)

Automatic Withdrawal
You can file electronically and pay in a single step by authorizing an electronic funds withdrawal from your checking or savings account. This option is available through tax software packages, tax professionals and TeleFile. You will need to have your account number, your financial institution's routing transit number and account type (checking or savings). You can schedule the payment for any future date up to and including the April 15 return due date.

For more information about filing and paying your taxes, refer to Form 1040 or IRS Publication 17, Your Federal Income Tax. You may request a copy of the form or publication by calling 1-800-TAX-FORM (1-800-829-3676) or download it. You may also call the IRS’s toll-free help line for individual assistance at 1-800-829-1040, available from 7:00 a.m. to 10:00 p.m. weekdays and from 10:00 a.m. to 3:00 p.m. Saturdays through April 12 and on Sunday, April 13. All times are local (except in Alaska and Hawaii, which should use Pacific Time).


This daily Tax Tip has been provided by the IRS

Note: These tips are provided to help trigger ideas on ways to minimize your tax burden, not as a substitute for professional advice. There is no "one-size-fits-all" answer - each taxpayer's situation is different. You should contact your tax preparer to determine together how this may affect your unique situation.

You may like these other stories...

Camp Hopes Estate Tax Will Be on Its Way OutAn article in Bloomberg said that Republicans are considering voting this year to repeal the U.S. estate tax, according to House Ways and Means Chairman Dave Camp (R.-Mich.). He...
Senate Takes Different Approach from House for Highway and Bridge FundEarlier this week, according to a New York Times article, the Senate agreed to fill the coffers of the fund that pays for highway and bridge repairs with...
There it stands, your client's 100-year-old, rickety, vermin-infested barn or former hotel or whatever the darn thing once was. And she's considering what to do with it. There are two words that can help her decide...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.