The date when the IRS will start accepting tax returns is usually announced during the first week of January of every year. When the time comes, there are a few ways to pay the IRS to choose from. Here is the list of the best ways to send a payment to the IRS:
Method 1: Online with Direct Pay
Everyone is able to set up an electronic funds transfer from their checking or savings account through Direct Pay on the official website of IRS. If you want to try this one, you should keep in mind that it is only possible if you have the money on hand to pay what you owe. Not only that, you can also access Direct Pay on the official mobile app of IRS called the IRS2Go. This app is available through the Amazon App Store, Google Play Store, and Apple App Store.
Sending a payment to the IRS online with Direct Pay is free, meaning you will not get charged. Feel free to schedule the payments up to 30 days in advance. If you want to cancel or change them, you can do it up to two business days before you have scheduled them.
Unfortunately, this method is not perfect. There is a weakness, which is you will have to re-enter your personal, identifying information every time you use Direct Pay, which some find annoying. It is such a shame that the system does not save it for you and there is no way for you to set up an account there. Nevertheless, it has the ability to do its job quickly and efficiently. If you want, you can request to get an instant email confirmation of your payments for your records.
Method 2: Using EFTPS.gov from your bank account
Scheduling payments is allowed up to 365 days in advance for any tax due to the IRS when you use the Electronic Federal Tax Payment System or EFTPS to register. Just like Direct Pay, you are able to cancel or change payments up to two business days before the transmittal date.
Electronic Federal Tax Payment System or EFTPS is a perfect option for those who want to schedule all your estimated tax payments at the same time. It is also a good choice if your payments are particularly large and the payments are related to your business.
Electronic Federal Tax Payment System or EFTPS is the one that is operated by the Treasury Department. This one does not charge any processing fees, meaning it is 100% free. It is really good as it is able to handle any kind of federal tax payment, such as 1040 balance due payments, extension payments, corporate taxes, and payroll taxes.
It is a must for you to enroll with the Electronic Federal Tax Payment System or EFTPS. However, your account information is saved by the site. Fortunately, there is no need for you to re-enter it every time you want to make a payment. Every time you do a transaction, you will get an email that consists of a confirmation. After making a payment, the history of the payment will be saved by EFTPS for up to 16 months.
Method 3: Online by debit or credit card
The next way to send a payment to the IRS is by debit or credit card online. If you are interested in this way, you must use one of the approved payment processors. The available processors include PayUSA.com, Pay1040.com, and ACI Payments, Inc. feel free to access any of them on the IRS website or through the app called IRS2Go. Before trying this way, you should know that you will be charged and the fees can vary. Depending on your tax situation, it might be tax-deductible. Aside from that, your credit card company might charge you interest as well. Unlike some other ways, there is no way for you to cancel payments using this method.
Method 4: Pay by check or money order
For everyone who prefers sidestepping the internet and you want to make a conventional payment, you are able to make a check payable to the United States Treasury. Do not forget to write your SSN, the tax form number, and the tax year in the memo field of your paper check. Make sure to send the check along with Form 1040-V. It should be mailed to the address that is shown on page 2 of Form 1040-V. Besides, you can also find the correct address for the nature of your payment and your state of residence on the official website of IRS.
Method 5: Pay in person
For those who are worried about hacking, fraud, or scams, you might want to visit your local IRS office to make a payment. If you want to do it, make sure to make an appointment online first to prevent you from waiting or going back another day. Apart from the IRS office, you can also go to an IRS retail partner. There are a few options for you to choose from to pay in person at any of these places, including cash, check, and money order. If your payment is due tomorrow, please do not select this method.
Method 6: Pay with electronic funds withdrawal
Usually, you can set up a direct debit from your checking account if a tax preparation software is used to e-file your return or if you enlist the services of a tax professional. To do it, you will have to enter your bank account and route numbers into the program. Take note that it is only available to every taxpayer who e-file.
Method 7: Pay with a bank wire transfer
Most people might not know that banks can set up same day wire transfers payable to the IRS because they do not advertise it. While some other methods above are free, you will have to pay to use this service. If you are wondering about the fees, they can vary from negligible to significant, depending on the size of the payment.
AUTHOR BIO
On my daily job, I am a software engineer, programmer & computer technician. My passion is assembling PC hardware, studying Operating System and all things related to computers technology. I also love to make short films for YouTube as a producer. More at about me…
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