Credit Unions Online

Top Ten List Of Things To Know About Making Federal Tax Payments

Top Ten List Of Things To Know About Making Federal Tax Payments   by STAFF WRITER
Published April 7, 2010
Credit Unions Online
Share This
Follow Us
Deadline for filing your taxes in only days away. You may have been putting off filing if you owe money. If you will be making a payment with your federal tax return this year, read on! If so, here are 10 important things Credit Unions Online wants you to know about making tax payments correctly to avoid any penalties, fees, or missed payments.


  1. Never send cash!
  2. If 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.
  3. Whether you file a paper return or electronically, you can pay by phone or online using a credit or debit card.
  4. Electronic 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.
  5. If 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 on Form 1040, Schedule A, Itemized Deductions. The deduction is subject to the 2 percent limit.
  6. Enclose your payment with your return but do not staple it to the form.
  7. If you pay by check or money order, make sure it is payable to the “United States Treasury.”
  8. Always 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.
  9. Complete and include Form 1040-V, Payment Voucher, when sending your payment to the IRS. This will help the IRS process your payment accurately and efficiently.
  10. For 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.

    Financial Calculators

    comments powered by Disqus
Previous Story:
New Credit Card Rules Protect, But Don't Fall Through Loopholes
Next Story:
New $100 Bill Unveiled By The U.S. Treasury

Blog
Credit Union Seminars Schooling Members During the SummerCredit Union Seminars Schooling Members During the Summer
This is Why You Are BrokeThis is Why You Are Broke
Little Baby, Big BucksLittle Baby, Big Bucks
How to Get the Best Deal On Your MortgageHow to Get the Best Deal On Your Mortgage
Credit Unions Helping Members Keep the FUN in SummerCredit Unions Helping Members Keep the FUN in Summer
How to Bounce Your Boomerang Young Adult from HomeHow to Bounce Your Boomerang Young Adult from Home
Calculators

|   Home   |   Find a Credit Union   |   Blog   |   Holiday Closings   |   Top 100 Credit Unions   |   Calculators   |

Share This
Share Facebook Share Twitter Share Google Plus
Follow Us
Follow Facebook Follow Twitter Follow RSS Feed Follow email

Privacy Policy   About Us   © 1995-2014, All Rights Reserved.