IRS Payment Schedule

Regardless of whether you file your taxes on time or not, the IRS collects taxes from American taxpayers. This income tax revenue, in addition to interest and penalties, helps to pay for the U.S. government’s annual budget. The Internal Revenue Service is the nation’s tax administrator and collector, operating as a bureau within the Department of Treasury. During the fiscal year 2021, the agency collected more than $4 trillion in taxes. The IRS recommends filing electronically for faster processing and refund payments. It also provides several helpful resources for filing taxes. This includes a video tutorial and an online guide to help taxpayers navigate the process. Taxpayers can also contact the IRS by phone or email if they have questions.

The Internal Revenue Service reminds taxpayers that the April 18 deadline for filing a federal tax return is also the first quarter deadline for making an estimated tax payment. Estimated taxes are required by law for self-employed individuals, investors, retirees, business owners, and employees who do not have enough tax withheld from their paychecks throughout the year. Taxpayers can make these payments electronically through the IRS Direct Pay, Electronic Funds Withdrawal, and debit or credit card options. For more information, see Publication 505.

Payment schedule for the Earned Income Tax Credit (EITC)

In 2023, the IRS began individual tax returns on January 23, urging people to check their eligibility for the Earned Income Tax Credit (EITC). This credit can help low-income workers and families, and it can lower the amount of taxes that they owe. People can find out if they qualify by visiting the EITC Central website. The site also has tools and resources for IRS partners, community organizations, employers, government agencies and offices, and tax preparers.

Refunds that include the EITC or the ACTC cannot be issued before mid-February. This is a result of the 2015 PATH Act law passed by Congress, and it provides the IRS additional time to help prevent fraudulent refunds from being issued. It also gives the IRS more time to verify these credits.

Payment Schedule for Child Tax Credit (CTC)

As a part of the expanded Child Tax Credit (CTC), the IRS has begun sending families half of their 2021 CTC as advance payments in the form of monthly payments of $300 per child under age 6 and $250 per child ages 6-17. Families will automatically receive these advance payments based on the tax information they provide on their return. If you did not provide your bank account number on a previous tax return or have outdated information, you can update it using the IRS Child Tax Credit Update Portal.