What are the Types of IRS Tax Payments?
EFW (Electronic Fund Withdrawal)
Credit or Debit Card
EFTPS (Electronic Federal Tax Payment System)
Check or Money Order
TaxBandits Now Supports EFTPS Payments!
TaxBandits now offers EFTPS payments, streamlining your federal tax payment process directly through their platform. Easily manage your federal tax payments directly from the TaxBandits platform, reducing the need for multiple systems and manual processes.
Advantages of Using EFTPS Payments with TaxBandits
Easy Enrollment Process
With TaxBandits EFTPS solution, the enrollment process is easy and simple so that you can make federal tax payments in a quick & easy way.
Know your Payment Status
Easily monitor the status of your payments through our platform, ensuring you have up-to-date information at your fingertips.
Filed Elsewhere? Make Payments with TaxBandits
If you've already filed your taxes elsewhere, you can still streamline your EFTPS payment process with TaxBandits.
Make Payments for Several Businesses
With TaxBandits, you can manage payments for multiple businesses across various entities from a single, convenient location effortlessly.
Frequently Asked Questions on IRS Tax Payments
What are IRS Federal Tax Payments?
IRS Federal Tax Payments are payments made by individuals, businesses, and other entities to fulfill their tax obligations to the federal government. These payments encompass a variety of taxes, including but not limited to income taxes, payroll taxes, excise taxes, and corporate taxes. The funds collected through these payments support various federal programs and services, such as national defense, infrastructure, social security, healthcare, and education.
What are the Different Types of Federal Taxes?
The type of business you run decides which taxes you need to pay and how to pay them. The federal government enforces various types of taxes, each with specific purposes. The main types are:
- Income Tax: You pay income tax on your earnings, which includes wages, salaries, dividends, and profits. This tax applies to both individuals and businesses based on their income.
- Payroll Tax: You have payroll taxes withheld from your wages to fund Social Security and Medicare programs. Both you and your employer contribute to these taxes.
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Excise Tax: You pay excise taxes on specific goods and services, such as gasoline, tobacco, and alcohol. These taxes are included in the price
of these items. - Self- Employment Tax: Self-employment tax (SE tax) is a social security and Medicare tax for individuals who work for themselves.
- Estimated Tax: You must pay taxes on income, including self-employment tax, by making regular payments of estimated tax throughout the year.
Methods of Making Federal Tax Payments?
When submitting your IRS tax forms, you might owe taxes to the IRS. In such situations, you have several payment options to settle your balance dues to the IRS. These payment methods include:
- Electronic Funds Withdrawal (EFW)
- Electronic Federal Tax Payment System (EFTPS)
- Credit/Debit Card
- Check or Money Order
Electronic Federal Tax Payment System (EFTPS):
EFTPS is a free and secure online system provided by the U.S. Department of the Treasury for making federal tax payments. If you choose to pay via EFTPS, it's your responsibility to send the payment to the IRS using an EFTPS account after submitting the return. You need to schedule payments by 8:00 pm EST the day before the deadline to ensure they are received by the IRS through the EFTPS site after registering.
Note: You can now make federal tax payments using TaxBandits EFTPS Payment Solution.
Electronic Funds Withdrawal (EFW)
Electronic Fund Withdrawal (EFW) is an e-file payment method available for taxpayers with a balance due of $2500 or less on a specific tax return. If the total tax amount exceeds $2500, EFW cannot be used. In such cases, you should use EFTPS, credit, or debit card to make payments.
Credit/Debit Card Payments
When you opt to pay your tax balance using a credit/debit card, it's important to understand that you are entirely responsible for this choice. Equally important is the knowledge that the credit card processor will charge a convenience fee.
Check or Money Order
To pay by check or money order, download and print the payment voucher. Please note that using a check or money order may take longer to process than electronic payment methods. Do not staple or paperclip the check or voucher to the printed copy of the IRS Tax Form. Please mail the voucher, check/money order, and printed form to the U.S. Treasury at the specified address.
What type of federal taxes can you pay in EFTPS through TaxBandits?
Employment Tax
- Form 941 - Employer's Quarterly Federal Tax Return.
- Form 940 - Employer's Annual Federal Unemployment (FUTA) Tax Return.
- Form 943 - Employer's Annual Federal Tax Return for Agricultural Employees.
- Form 944 - Employer's Annual Federal Tax Return
- Form 945 - Annual Return of Withheld Federal Income Tax.
Electronic Funds Withdrawal (EFW)
- Form 990-PF - Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation.
- Form 990-T - Exempt Organization Business Income Tax Return.
Corporate - Business Income & Excise Tax
- Form 720 - Quarterly Federal Excise Tax Return
- Form 1120 - U.S. Corporation Income Tax Return
Railroad Retirement Tax
- Form CT-1 - Employer’s Annual Railroad Retirement Tax Return.
Corporate Tax
- Form 1041 - U.S. Income Tax Return for Estates and Trusts.
Withholding Tax
- Form 1042 - Annual Withholding Tax Return for U.S. Source Income of Foreign Persons.
How to Pay Your Federal Taxes in EFTPS through TaxBandits?
TaxBandits offers an EFTPS Online Payment solution, providing a seamless way for you to handle your federal tax payments. Here are the simple steps to be followed to pay your federal taxes in EFTPS through TaxBandits:
- Step 1 : Select or add taxpayer information.
- Step 2 : Authorize using Form 8655.
- Step 3 : Add and verify the bank account.
- Step 4 :Review the summary and schedule your tax payments.
