If you are unsure how to pay your estimated taxes, you can use the IRS website to do so. You can choose between several payment options, including credit card. Regardless of which method you choose, it is important to know that not paying your estimated taxes can result in penalties and a higher tax bill. Ideally, you should pay your taxes quarterly. Listed below are some of the benefits of paying your estimated taxes online. If you do not pay your estimated taxes online, consider using the EFTPS system.
The IRS requires estimated tax payments four times per year, with penalties for missing one of the dates. Your first quarterly tax payment is due April 15th. This payment covers the income earned in January through March. The second and third quarters are due in June and August. The fourth quarter tax payment is due in December. If you miss one of the dates, it is important to remember that you can’t make your estimated tax payment on the last day of the quarter.
If you want to save money and reduce the hassle of mailing your estimated tax payment, you should consider using the EFTPS. You can pay your estimated taxes online or by phone. Both methods have their benefits. While mailing your payment will take longer, it will be easier in the long run. You can also use IRS Direct Pay to make the payment. Just be aware that the latter option takes longer to process, but it is the most convenient method if you have a small business.
The IRS assesses a late fee on any taxes not paid by the deadline. This fee increases every month until the taxes are paid. It can reach up to 25 percent if you fail to pay by the due date. For more information on penalties and other fees, refer to Publication 505. You may not have to pay your taxes if you had an extraordinary circumstance or natural disaster. If you miss the deadline, you may have to pay a penalty of $300 or more.
If you own a business, you must make estimated tax payments quarterly. You will need to pay at least $500 of taxes each quarter. The deadlines are April 15th, June 15th, September 15th, and January 15th. If you can’t pay in April, you will be penalized. Alternatively, you can make payments by mail or use a credit card. However, you should be aware that the credit card payment option has a three percent service fee.
Using Direct Pay is a convenient way to pay your estimated taxes online. You can use the calculator provided by the IRS to help determine how much to pay. Direct Pay lets you transfer money directly to the IRS without registration or fees. If you are unsure about the due date of your tax, consider using Direct Pay. If you have a business, you should create a separate sub-savings account to pay your estimated taxes. By following the instructions, you can easily calculate the amount you need to pay on your next tax return.