If you're self-employed, then you are probably familiar with estimated taxes. Every year, people who are self-employed have to calculate how much they expect to earn for the year, and then figure out what the taxes would be for that amount of income. The resulting estimated taxes are paid to the IRS on a quarterly basis.
What you might not know is that there are several ways for you to pay the IRS:
There are three ways to pay your estimated taxes online:
You can send a check or money order to the IRS through the mail. All of your identifying information has to be on the check or money order to make sure that they credit your account. This method is not the most secure way to pay your bill.
For a small fee, you can make a cash payment in person at one of the IRS's retail partners. You would have to arrange the payment with the IRS first. They will verify your information and pass it on to their retail partner. Once they confirm your identity, you will receive an email confirmation from the retailer to let you know that you can come to their shop to make your payment. The entire process will take a few days.
You can call EFTPS to make a payment. The service is free, and you can schedule your payments in advance as with the online system.
Foster Financial has years of experience in providing professional accounting services to its clients. If you need help with your estimated taxes or with any of your accounting needs, feel free to contact us.