The May 17 deadline for individuals to file and pay their federal income tax is quickly approaching. While paying taxes is not optional, people do have options when it comes to how they pay them. The IRS offers a variety of ways to pay taxes.
Some people must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and S corporation shareholders who expect to owe $1,000 or more when they file. Individuals who work in the gig economy might also have to make estimated payments. The deadline to pay estimated taxes remains April 15, 2021.
Here Are 5 Ways to Pay Taxes:
Pay when you e-file using your bank account, at no charge, using electronic funds withdrawal.
Use IRS Direct Pay, which allows you to pay electronically directly from your checking or savings account for free. You can choose to receive email notifications about your payments when paying this way. Always watch out for email schemes. IRS Direct Pay sends emails only to users who request the service.
Pay by credit card, debit card or digital wallet options using a payment processor. You can make these payments online, by phone or on the IRS2Go app.
Make a cash payment at more than 60,000 participating retail locations across the country. To pay with cash, refer to the instructions on the Pay with Cash at a Retail Partner page on the IRS website.
Pay over time by applying for an online payment agreement. Once the IRS accepts an agreement, you can make your payment in monthly installments.