Paying Your Quarterly Taxes Using the Internet

Are you a self employed individual?  If so, did you know that you are required by law to make estimated tax payments to the IRS each quarter?  These taxes consist of both the self-employment tax, which is fifteen percent of your income, and your income taxes.  Self-employment taxes are meant to pay social security and Medicare taxes for individuals who are self employed.

If you want to save some time and frustration, you can actually enroll in the Electronic Federal Tax Payment System.  This system can be found online or you can enroll by calling 800-316-6541. 

Once enrolled, you can schedule one time or recurring payments.  You can choose to use a credit or debit card to pay quarterly taxes or you can have the taxes taken out via electronic funds withdrawal from your checking or savings account.  You can schedule all four of your quarterly tax payments at once using the online system so that you don’t have to bother filling out payment vouchers.

Paying estimated taxes can certainly be frustrating, but the online payment system can make it much easier.  To enroll online or to make a payment, simply visit www.eftps.gov.  This will take you directly to the IRS website for estimated tax payments.