Filing, calculating, or reporting your taxes can be a major challenge for most individual taxpayers. Although this process can be a hump in your back, the good news is that you can easily pay your taxes. In fact, for this purpose, you can choose one of the 5 ways we’ve shared with you.
We have covered the five most popular methods of paying your taxes to the IRS. Depending on your filing status, you can use almost all of these methods, including IRS pay by phone! So, let’s stop wasting time and check these tax payment methods one by one.
1. IRS Pay by Phone or Online
This can be the easiest way to pay your taxes. All you need to do is use the electronic federal tax payment system, for which you need to call 1-800-555-4477. You will be provided with detailed information about the system here. So, you can pay your taxes by phone without any problems.
If you have a speech disability, have problems with hearing, or are deaf, you can instead call 1-800-733-4829 with your TDD/TTY equipment to get support or make your payments. On the other hand, you can also use an electronic federal tax payment system to pay your taxes online.
All you need to do is visit their website, create your account, and follow the instructions. Make sure that you pay your taxes by phone or online at least one business day before your due date to give it processing time.
2. Pay By Debit or Credit Card
It is also possible to pay your taxes with your debit or credit card. As of today, the IRS accepts payments with cards such as American Express, Discover, MasterCard, and Visa. Additionally, you can even use your PayPal account or a similar payment processor as well. You can always find out the accepted processors by visiting the official website of the IRS.
3. Pay by Money Order or Check
You can pay your taxes with a check or money order even if you have filed your forms electronically. You have to write down Form 1040 on the memo line to pay the full amount to the United States Treasury. You should not forget to write down your Social Security Number as well. You need to send your money order or check together with Form 1040-V for the processing of your payment.
If you write a check and don’t have any funds to cover the payment, you will be charged $25 and 2% of the check as a penalty.
4. Direct Pay
You can also pay your taxes directly from your savings or checking account. All you need to do is visit the Direct Pay page and follow the instructions. To proceed, you will have to choose your tax form, payment reason, and tax year. Later on, you need to verify your identity by providing personal data.
5. Pay by Wire
Some financial institutions and banks allow you to pay your taxes by same-day wire. All the fees and additional costs will be charged by your bank or financial institution. Thus, you need to contact the relevant institution for the details, but not the IRS. It is also possible to pay by international transfer.