Make an Online Tax Payment
You already know or suspect that you will have to pay income taxes this year over and above what was deducted from your pay. Unfortunately, you may find yourself in a financial bind and suddenly realize that you won't have the money until the middle of April. Mailing your payment won't work.
Good news! The IRS will be happy to take your online tax payment this year. That may give you the extra few days you need to get the money you owe. The process is fairly simple, but you should know the details before you get started.
The Electronic Federal Tax Payment System
You can go directly to the IRS website to find out exactly how it works. The system can actually be used for both one-time payments and ongoing payments based on a payment plan. In other words, all Federal tax payments can be made through the system.
The first thing you must do is to enroll in the system by going to the IRS website. Upon enrollment, you'll receive a package which includes a Personal Identification Number. The online tax payment process through the EFTPS is much like any other online payment. You must, however, initiate your payment at least one day before it is due. Interestingly enough, you can actually schedule a payment up to 365 days prior to the due date.
