Filing your tax return on time is one task – paying the taxes you owe is entirely another. If you filed a tax extension, you only increased you time to file, but you are still responsible for paying any tax liabilities by your original tax deadline. This year’s filing due dates have passed, and if you haven’t paid your owed taxes, you’re still racking up IRS
penalties even though you may have filed on time.
Figure Out Your Tax Bill
When filing your tax extension, you are asked to give a general estimate of the amount of taxes you owe to the IRS, if necessary. There are some resources available from the IRS to find this value:
- Current year tax rate schedules
- Previous tax returns and instructions
- Estimated tax worksheet and instructions for the current year
For a more direct approach in guessing your tax liability, the IRS also offers their Withholding Calculator, which can provide a more accurate estimate.
Once your estimated taxes are determined, the IRS has several methods of payment you can choose from to pay your tax bill:
- IRS Direct Pay – With the direct pay system featured on the IRS website, you can make a payment directly from your savings or checking account – at no charge. You can receive confirmation of your submitted payment, and the IRS doesn’t retain any of your banking information.
- Electronic Federal Tax Payment System (EFTPS) – This federal payment system is a free service from the U.S. Department of Treasury. Here, you can pay federal taxes among other things as well. An account with your SSN or EIN is required, but you’ll also get a payment confirmation with an Electronic Federal Tax (EFT) number as proof of payment.
- Debit or Credit Card – The IRS website lists a number of links to card processors where you can use standard business or commercial cards to pay your taxes. Your bill gets paid through a payment processor that charges a processing fee for the service.
While it isn’t an instant payment, paying with a check or money order can also pay your entire bill in one transaction. You’ll need to make the amount payable to the U.S. Treasury and include the following information:
- Name, Address, and Phone Number
- Tax Year and Tax Form (i.e., 2015, Form 1040)
- Employer Identification Number or Social Security Number
Use the address listed on your billing statement or notification to mail in your payment.
ExpressExtension.com also allows you to pay your tax liability while e-filing your tax extension at the same time. With our Electronic Funds Withdrawal feature, you can make a payment using your bank account information. Our helpful, e-file professionals in Rock Hill, South Carolina are on standby for any questions you may have. Call us at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m., EST. We’re also available through email at [email protected].