This year, the IRS extended the federal tax deadline to May 17 for individuals to file and pay their federal income tax due to the ongoing pandemic. Paying taxes is mandatory, however, Individuals do have options on how they can pay their taxes. Optima Tax Relief informs taxpayers of the variety of ways they can pay their taxes to the IRS.
Some taxpayers make their quarterly estimated tax payments throughout the tax year in order to stay compliant with the IRS. This includes sole proprietors, partners, and S corporation shareholders who expect to owe $1,000 or more when they file. Individuals who participate in the gig economy may have to make estimated payments. The deadline to pay estimated tax payments was April 15, 2021.
Here are five ways for taxpayers can pay their taxes to the IRS:
- Individuals who choose to electronically file their tax return can pay their tax bill by using their bank account information. The IRS does not charge an additional fee to individuals using the electronic funds withdrawal method.
- The IRS provides a direct pay option that allows taxpayers to pay electronically directly from their checking or savings account for free. Taxpayers have the option to receive email notifications about their payments when they make their payment. It is important for taxpayers to watch out for email schemes from scammers attempting to steal their personal information. The IRS direct pay option sends emails only to users who request the service.
- Taxpayers have the option to pay using a payment processor by credit card, debit card or digital wallet options. Taxpayers can make these payments online or by phone.
- Individuals can make a cash payment at more than 60,000 participating IRS locations nationwide. Taxpayers can visit the IRS website to learn additional details regarding making cash payments.
- Pay over time by applying for an online payment agreement. Once the IRS accepts an agreement, the taxpayers can make their payment in monthly installments.