How Do I Pay Estimated Taxes? Can I Pay Electronically?
Question: How Do I Pay Estimated Taxes? Can I Pay Electronically?
Answer:
The IRS says there are five ways to pay your estimated taxes:
Answer:
The IRS says there are five ways to pay your estimated taxes:
- Credit an overpayment on your last year's tax return to your current year estimated tax. If you overpaid your taxes for last year and you have a credit outstanding, you can use this credit to pay estimated taxes for this year. Check with your tax advisor before attempting this move.
- Send in your payment (check or money order) with a payment voucher from Form 1040-ES. All payments to the IRS by check must be accompanied by a payment voucher, so the payment can be properly credited. Don't try to send in an estimated payment without this voucher.
- Pay electronically using the Electronic Federal Tax Payment System (EFTPS). It is easy to sign up online for this service by providing information about your business and your checking account.
- Pay by electronic funds withdrawal (EFW) if you are filing your tax return electronically.
- Pay by credit or debit card using a pay-by-phone system or the Internet. The IRS lists several providers, who charge a fee for the service. See this list of EFW service providers and contact one of them for more information.
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