As you are preparing to apply for a Federal tax extension, you should keep in mind that an extension does NOT give you more time to pay your income tax liability. A tax extension only gives you more time to file your income tax return -- 6 months for your personal return (to October 15), and 5 or 6 months for your business return (to September 15). This means that you must be ready to pay any taxes due by the original filing deadline of your return (April 15 for most individuals, and March 15 for most businesses). TaxExtension.com makes it easy for both individual filers and business filers by providing you with the option to pay your taxes online with your extension application. You can choose to pay all, some, or none of the taxes owed with your Form 4868 or Form 7004.
If you do not pay your income tax liability by the original due date (April 15 for individuals, and March 15 for businesses), the IRS will charge you interest and penalties on your unpaid balance. At least 90% of your tax liability must be paid on time in order to avoid the late payment penalty. Therefore, it is in your best interest to pay as much as you can by the original deadline. Here are the ways you can make an electronic tax payment with your tax extension application:
Electronic Funds Withdrawal (EFW) Directly from Your Bank Account
If you electronically file your tax extension application, you also have the option of paying your taxes electronically. TaxExtension.com allows customers to pay their taxes using Electronic Funds Transfer (EFW), which withdraws the amount from your bank account and sends it directly to the IRS. TaxExtension.com is an Authorized IRS e-file Provider, so you can trust that your information is kept secure and shared with no one else. You may want to contact your banking institution to make sure they can process EFW payments. You will need to provide your bank account and routing numbers to validate the online transaction.
Taxpayers who choose to pay their taxes electronically will need to agree to the following statement:
"I authorize the U.S. Treasury and its designated Financial Agent to initiate an ACH electronic funds withdrawal entry to the financial institution account indicated for payment of my federal taxes and the financial institution to debit the entry to this account. To revoke a payment, I must contact the U.S. Treasury Financial Agent at 1-888-353-4537 no later than 2 business days prior to the payment (settlement) date. I also authorize the financial institutions involved in the processing of the electronic payment of taxes to receive confidential information necessary to answer inquiries and resolve issues related to the payment."
Making a direct payment online is easy and convenient, and the EFW option allows taxpayers to electronically submit their tax form AND make an online payment simultaneously. Once the transaction is completed from your end, an authorization/confirmation letter will be delivered to you on behalf of the EFW system. It is advised that you keep this ‘receipt’ safe so that you have a record of your payment to IRS.
Check or Money Order
If you would prefer making your individual tax payment using a check or money order, you can do so by mailing it with the appropriate tax form or voucher to the IRS. Even if you choose to e-file your tax extension online, you can still opt to pay by check or money order. Simply print out your Form 4868 and mail it, with payment, to the address listed on the form Instuctions.
Write out your payment to "United States Treasury." Also include your Social Security Number (or Tax ID#), phone number, and write "[applicable tax year] Form [#]" (such as "2014 Form 4868") on the check or money order. Make sure NOT to stape or attach your payment to the tax form that you're mailing. And finally, do not send cash!!
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