As the tax filing season for the 2019 is at it’s peak, the Internal Revenue Service (IRS) revealed several easy payment options to the taxpayers who owe.
Chuck Rettig, the IRS Commissioner, recently reminded taxpayers to check balance details and filing requirements prior to April 15, 2019. However, taxpayers will now be happy to hear that the IRS has disclosed several new payment options to choose from for easy tax payments. A few of them are listed below:
Cash Payments: It is probably the most convenient option for all those who need to pay a small amount. They can go to their nearby IRS offices or PayNearMe locations to submit the amount, but make sure you check all the restrictions and instructions in advance. Taxpayers are not allowed to send cash via mail.
Check or Money Order: If you are interested in making payment through check or money order, it must be made payable to the US Treasury or the United States Treasury. It can be submitted, either in person or through the mail.
Debit or Credit Card: In this technologically advanced world, most of the taxpayers might be happy to make tax payments through credit or debit card as it allows easy and fast processing. Although this service is available for free, the payment processing company may or may not charge a small fee. This fee usually varies from company to company.
Electronic Federal Tax Payment System: It is widely known as EFTPS and allows users to make payment directly through their phone or online. This service is also free.
IRS Direct Pay: With this option, you can make payment directly through a savings account or through checks. You can also avail this service for free.
People who aren’t able to make full payment have other options to pay over time. Certain fees applies for these payment options. These include: Online Payment Agreement, Installment Agreement, Delaying Collection and Offer in Compromise. You can visit with your local IRS office or go online at www.irs.gov for more information.
The IRS encourages taxpayers to double check their individual withholding, especially if they have gone through major life changes. Having too little withheld will only cause more stress in the future.
For complete guidelines and other tools and resources, consult with your tax professional.
Rabalais Business Consulting offers a FREE 3-year review on your business. Give us a call so we can help better prepare you for tax season!