The Quick & Easy Way to Deal with
Your !#%@$!# Tax Payments
The common problem facing all taxpayers -- ESPECIALLY those of you who own or are considering starting a Small Business...
You know how it always goes every year...
you finally manage to deal with gathering all your receipts and records of expenses -- and by some miracle get all that data to your accountant or hassle through the ordeal yourself to your tax forms completed. Whew!
Your mind is happily relieved when it's all done, especially if your CPA magically whisked off your filings to the IRS for you, so you didn't have to worry about them. You pat yourself on the back for surviving yet another year of the annual tax hassle.
Ah! The job's done -- (you think!)
You get busy catching up with business and life-as usual. But... in your glee with getting the tax filings behind you, it's just too easy to forget that it's not just the forms that have to be filed -- the payments have to be issued, too. Oh yeah, of course you know this and have figured out where the money's coming from, but you certainly don't want to pay early -- what kind of fool would do that? (The IRS is not going to reward you if they bank your check early.)
Your schedule gets so demanding, you put tax stuff out of your mind -- after all, you're done with that until next year. Meanwhile, those tax payment deadlines -- especially the darned quarterly estimated payments due throughout the year -- might just zip by before you noticed.
If you're busy with your work and family, the chance of missing a payment is way too great -- you've got other things to focus on. And the last thing you need to add to your costs is penalties that could have been avoided, not to mention their accompanying red tape.
Anyone who owns a business -- whether just starting up or beyond -- has MORE different types of tax payments that have to be made MORE frequently than the average Joe:
Your 1040 is just the beginning
Business owners have their 1040 annual individual tax form and its accompanying payment due in April like everybody else, but it's not cut-and-dried like it is for people with jobs. Since business owners have more flexibility regarding where and how their income and deductions are reported, the 1040 is just the tip of the tax form iceberg.
Add those bothersome Quarterly Estimated Taxes
As a business owner, you don't have an employer withholding taxes from the checks you receive. So you’re obligated to take the initiative to make intermittent payments for your own income tax by specific due dates throughout the year. These can be a real pain... you’re so involved with running your business, it’s easy to forget to stop and mail a check.
Other business tax payments -- excise, corporate income, farmer’s cooperatives, foundations and more
The IRS has a plethora of taxes for businesses, with almost as many different payment due dates as there are forms. While big corporations have huge staffs to keep up with all this stuff, small companies have to meet many of the same deadlines -- but without the staff to do it!
Employer Tax Payments
If your business has employees, you are no stranger to the burden of frequent payment deadlines. Wouldn’t it be great if you could at least cut down on some of the time-consuming paper-shuffling and the extra expense of last-minute expediting for your Form 940, 941, 943 and 945 taxes? Well, now you can!
Now you can take one of the worst tax anxieties off your shoulders
Thanks to a new service from the U.S. Department of Treasury, you can free yourself from those last-minute payment deadline hassles.
Now with EFTPS, your tax payments are made automatically at the right time for you
EFTPS is the Electronic Federal Tax Payment Service that automates tax paying. It’s free and available for your use 24/7 online or by phone. You instruct what payment is to be made when, then it is automatically transferred from the bank account you designate on the right day.
You can schedule tax payments in advance EFTPS gives you the freedom to schedule payments in advance. This is especially helpful for those easy-to-forget quarterlies.
Or, just wait until the night before
If you want to wait until the last minute, you can wait until 8pm ET the night before a deadline to set up a payment to be automatically transferred on time.
Unlike other payment options, EFTPS doesn't cost you anything
Why go the pricey route for the convenience of pre-scheduled payments when EFTPS does it for you for free? And, hey, you even save the cost of postage; now you won't have to pay for certified mail to be sure your payment arrives -- you get confirmation instantly online from EFTPS.
I use EFTPS to schedule all my quarterlies for the year as soon as I know the amount they’ll need to be. Now I don’t have to worry about mailing them in enough advance. In fact, I don’t even have to think about the darned things anymore.
-- Francie Ward
CEO Business Owners Idea Cafe, Inc.
You owe it to yourself to at least look into EFTPS
There's no downside to checking out EFTPS -- it doesn't cost you anything and doesn't take much time -- but it can save you a bundle in penalties and redundant administrative time. Not to mention that it frees you from having to divert your own attention from the big picture (where your focus should be) -- to being interrupted intermittently to issue all those payments on time.
You don't have to sign up immediately, but once you do, they will mail you a kit with a confidential PIN number. Since this kit comes via the U.S. Postal Service, it can take up to a couple of weeks to arrive. So don't wait until the last minute to apply.
DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.
TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business, CyberSchmooz, and BizCafe.
Copyright 1995-, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.