GreenLeaf Accounting Services

Options for Paying Estimated Taxes

It’s almost time to pay those quarterly estimated taxes for your self-employment income. What are your options?

EFTPS: The EFTPS, or Electronic Federal Tax Payment System, is available online for free. Registration takes about a week, so register ahead of the tax payment due date. The best thing about the EFTPS system is that you can look up your payment history at any time. Your tax preparer will be giving you a big hug when you can produce a neat, printed report of your estimated tax payments for the past year!

IRS.GOV: You can always download a PDF of the paper payment coupon (1040-ES) and send it in with a check via snail mail. Instructions and the mailing address are included on the PDF.

If you need to make a payment but will be putting it on your credit card, you can always check out OfficialPayments for payment options. Be forewarned, though, that this option incurs a fee of 2.35% of the payment amount.

Need additional information on estimated taxes? The IRS has a handy, dandy page just for you: Estimated Taxes

Also, don’t forget to send in your state’s estimated tax payment, too!

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Posted in Small Biz Taxes by admin / June 8th, 2010 / No Comments »

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