Doesn’t matter which extension you file, either the personal, business, tax-exempt, or *takes deep breath* an extension for military personnel, a resident of Puerto Rico, or a nonresident foreigner, the fine print will always remain the same. The extension only lengthens the time you have to file your return – not the time you have to pay any taxes owed to the IRS. You are required to pay your estimated tax liability by the original due date.
But figuring out your tax liability without having all the necessary information, which is why you probably filed an extension to begin with, can be like trying to make your way through a dim, wet cave. Feel free to utilize the following blogs to shine some light:
Now that you have “enlightened” the cave… Get it? Anyway, now that you got your light, you have one of three paths you can take in order to make it out this cave.
Why three paths, you ask? Well, once you figure out your estimated tax liability, you have a choice of three different ways to make your IRS payment.
Path #1 – Postal Mail
No matter how far technology takes us, nothing really beats good, old-fashioned pen and paper. If you choose to pay your tax due by mail:
- Do not send cash
- Make a check or money order payable to the “United States Treasury”
- Write your social security number, daytime phone number, and ” 2014 Form ‘Name'” on your check or money order
- Do not staple or attach your payment to the Form
- Use a completed paper Form as a voucher (if you e-filed your tax form)
Afterwards, you can mail your form and payment to:
Internal Revenue Service
P.O. Box 802503
Cincinnati, OH 45280-2503
Path #2 – Electronic Federal Tax Payment System (EFTPS)
The IRS can also accept payments via EFTPS. You have to schedule the EFTPS payment on your own, and you are responsible for timely payment of the taxes. Please visit www.eftps.gov or call 1-800-555-4477. For your EFTPS payments to be on time, you must initiate the transaction at least one business day before the date the payment is due.
Check out the following blog for more information about EFTPS:
Path #3 – Direct Debit or Electronic Funds Withdrawal (EFW)
The IRS can initiate an electronic funds withdrawal from your bank by using either checking or saving account details that you can provide along with e-filing your return. It’s imperative that you make sure to have enough funds in the bank to cover the tax dues. This option is available only if you e-filed your tax extension.
To cancel a payment, you must contact the U.S. Treasury Financial Agent at 1-888-353-4537 no later than two business days before the payment date.
Save yourself from anymore cave analogies by e-filing your tax extension with ExpressExtension. As mentioned earlier, we offer electronic funds withdrawals so that you can pay any taxes owed at the same time as e-filing your extension. E-file from any location by downloading our FREE app for iOS and Android tablet devices, or visit our mobile site to e-file using any mobile browser.
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 [email protected] or live chat with us at www.expressextension.com.