Electronic Federal Tax Payment System or shortly known as the EFTPS is an online tax payment system operated by the US Department of Treasury. Taxpayers can make tax payments online using the EFTPS and view the history of their payments. The tax payments made through the EFTPS is completely free of charge, and you won’t pay any fees for the processing of your payment.
The EFTPS allows you to make tax payments online using your bank account. What’s best about the EFPTS is that you will be able to see the history of your tax payments. If you’re earning an income that isn’t subject to federal income tax withholding and you make estimated tax payments, this feature will come in handy. You can view up to 18 months of tax payment data on EFTPS.
When to pay taxes?
When you’re going to pay taxes depends on the type of tax you pay. The federal income tax payments are due on April 15. If you’re not expecting a refund from the IRS, make sure to pay your remaining tax liability by April 15, otherwise, you will incur late payment penalties. The same goes for also other types of payments. Make sure to pay taxes before it’s due.
The Internal Revenue Service has set deadlines for making tax payments. For an average taxpayer, here are some of the deadlines they should know about their tax payments.
Quarterly Estimated Tax Payments
- First Quarter Due on April 15
- Second Quarter Due on July 15
- Third Quarter Due on October 15
- Last Quarter Due on January 15, the following year
Payroll Taxes (FICA Taxes – Social Security and Medicare Taxes
- April 30
- July 31
- August 30
- January 31, the following year
Make sure to pay taxes whether you use the EFTPS or not in a timely fashing to avoid interest, late fees, and potential penallties. The Internal Revenue Service has plenty of programs where you can pay the taxes owed gradually without making them such a big deal in your finances. So if you ever find yourself not being able to pay your taxes, contact the IRS to seek solutions.