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7/09/2015

Electronic Federal Tax Payment System (EFTPS)




After all the mentions, side-notes, and, at times, just shameless plugins, you should now be aware that tax extensions only extend your time to file a return - not the time to pay any taxes you may owe to IRS. If you filed your extension on time, but fail to pay your estimated tax liability, the IRS has a few enticing methods of making you see things their way including keeping the money that they may owe you… But that’s another plugin for another blog. *no shame*

One way you can submit payment is through the Electronic Federal Tax Payment System (EFTPS). It’s a free service from the U.S. Department of Treasury in which all federal taxes can be paid. You can make payments from the EFTPS website, voice response system, or specific channels made for tax professionals, payroll services, and financial institutions.

How It Works:
1. You’ll want to enroll online. To do so, you’ll need
  • Employer Identification Number (EIN) if you're enrolling as a business
  • Social Security Number (SSN) if you're enrolling as an individual
  • Banking account number and routing number
  • Address and name as they appear on your IRS tax documents
Follow the online prompts and in seven business days, you’ll get your Personal Identification Number (PIN) in the mail.

2. Your PIN arrives by postal mail. Afterwards, you should call 1.800.982.3526 in order to obtain your temporary Internet password.

3. You’ll need to go to www.eftps.gov
  • Select "Make a Payment"
  • Log in with your EIN/SSN, PIN, and Internet password
  • Enter the payment information in the step-by-step screens
  • Save a copy of the Payment Confirmation page
Your Payment Confirmation page will contain an Electronic Federal Tax (EFT) Acknowledgement Number that serves as a receipt of your payment.

That, my friend, is pretty much the gist of it. EFTPS service is quick, secure, accurate, and is available by phone or online 24 hours a day, 7 days a week. You can also schedule a business payment up to 120 days in advance or an individual payment up to 365 days in advance.

Don’t forget that you can also pay your estimated tax at the same time you e-file your tax extension with ExpressExtension; payment is accepted online by Electronic Funds Withdrawal (EFW) using your checking or savings account information. For assistance with e-filing your tax extension or electronically paying your tax liability, contact our live professionals located at Rock Hill, South Carolina at (803) 514-5155 (Monday - Friday, 9am - 6pm, EST), or email us at support@expressextension.com or live chat with us at www.expressextension.com.


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