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d to know about making tax payments correctly.<\/p>\nWill you be making a payment with your federal tax return this year? If so, here is what you need to know about making tax payments correctly.<\/p>\n
1.\u00a0Never send cash!<\/p>\n
2.\u00a0If you file electronically, you can file and pay in a single step by authorizing an electronic funds withdrawal via tax preparation software or a tax professional.<\/p>\n
3.\u00a0You can pay by phone or online using a credit or debit card whether you file a paper return or electronically.<\/p>\n
4.\u00a0Electronic payment options provide an alternative to paying taxes or user fees by check or money order. You can make payments 24 hours a day, seven days a week. Visit IRS.gov and search e-pay, or refer to Publication 3611, e-File Electronic Payments for more details.<\/p>\n
5.\u00a0If you itemize, you may be able to deduct the convenience fee charged for paying individual income taxes with a credit or debit card as a miscellaneous itemized deduction. The deduction is subject to the 2 percent limit on Form 1040, Schedule A, Itemized Deductions.\u00a0<\/p>\n
6.\u00a0Enclose your payment with your return, but do not staple it to the form.<\/p>\n
7.\u00a0If you pay by check or money order, make sure it is payable to the “United States Treasury.”<\/p>\n
8.\u00a0Always provide your correct name, address, Social Security number listed first on the tax form, daytime telephone number, tax year and form number on the front of your check or money order.<\/p>\n
9.\u00a0Complete and include Form 1040-V, Payment Voucher, when sending your payment and tax return to the IRS. This will help the IRS process your payment accurately and efficiently.<\/p>\n
10.\u00a0For more information, call 800-829-4477 for TeleTax Topic 158, “Ensuring Proper Credit of Payments.” You can also find out more in Publication 17, Your Federal Income Tax and Form 1040-V, both available at IRS.gov.<\/p>\n","protected":false},"excerpt":{"rendered":"
Will you be making a payment with your federal tax return this year? If so, here is what you need to know about making tax payments correctly. 1.\u00a0Never send cash! 2.\u00a0If you file electronically, you can file and pay in … Continue reading