IRS Issues Recommendation on How to Pay Taxes on Time, Avoid Penalties

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Late payments can attract interest rates at 8 percent per annum, compounded daily.

The Internal Revenue Service (IRS) issued a tax guide on Thursday, listing out the various electronic payment options taxpayers can use when paying tax dues on time.

The deadline for filing and paying income taxes for the 2023 tax year is April 15, 2024. Any delay in filing taxes can attract penalties and interest. Taxpayers who find it difficult to file their returns on time can request a six-month extension before April 15. This will avoid penalties and interest charged, giving taxpayers time until Oct. 15 to file. However, taxpayers should pay what they owe by the April 15 deadline.

โ€œTaxpayers who canโ€™t pay the full amount of taxes they owe by April 15 should file and pay what they can to reduce total penalties and interest,โ€ the agency said on March 14 while listing out some of the electronic payment methods that can be used to pay off tax dues.

An IRS Online Account can be used to pay off tax dues as well as view key information including adjusted gross income, payment history, any scheduled or pending payments, payment plan details, and digital copies of select notices from the IRS.

โ€œTaxpayers can also use their Online Account to securely make a same-day payment for an outstanding 2023 tax balance, pay quarterly estimated taxes for the 2024 tax season, or request an extension to file a 2023 return.โ€

Direct Pay is a free service allowing taxpayers to pay off dues from bank accounts without having to register for an online account. Payments can be scheduled up to 365 days in advance. Taxpayers will receive immediate confirmation once the payment is completed.

IRS2Go is the official IRS mobile app where taxpayers can make tax payments, check their refund status, and find free tax preparation assistance. The app is available in both English and Spanish.

The Electronic Fund Withdrawal (EFW) option can be used by taxpayers to pay taxes while using tax preparation software or employing a tax professional.

The Electronic Federal Tax Payment System is a free tax payment system offered by the U.S. Department of Treasury to pay federal taxes. New enrollments into the system can take up to five business days to process.

Byย Naveen Athrappully

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