Posts Tagged ‘2014 federal taxes’

How To Pay Your Tax Bill In 6 Easy Steps

Wednesday, April 1st, 2015
Pay Your Tax Bill With Direct Pay - Rea & Associates

Available 24 hours a day, seven days a week, Direct Pay has proven to be a popular choice among Americans who are looking for a quick and easy option for settling their tax balances.

By now, you probably have a good idea whether you have an outstanding tax bill from the government, but did you know you can settle your balance online? Since May 2014, Direct Pay, a free and secure payment option, has provided millions of taxpayers with the option of making payments to the Internal Revenue Service at a time, and in a place that is convenient for them.

Late last year, employers learned that they were expected to file their taxes and make payments exclusively online. Click here to read more.

According to the IRS, four months after the initial launch of the payment program, more than a million payments, totaling more than $1.7 billion, were successfully processed. The web site currently accepts payments for current year tax returns, estimated tax payments, extension payments and prior year balances.

Available 24 hours a day, seven days a week, Direct Pay has proven to be a popular choice among Americans who are looking for a quick and easy option for settling their tax balances. Those who make payments receive an instant confirmation message that their payment has been submitted. Or, if you need a little more time, you can schedule your payment up to 30 days in advance as well as choose if you would like your payment to be withdrawn directly from a checking or savings account. Making a payment is as easy as following six simple steps.

How To Make An Online Tax Payment

  1. Visit the government website at www.irs.gov/payments
  2. Click on the blue box labeled: “IRS Direct Pay”
  3. Choose the reason for making your payment. Your choices are that you are making an installment agreement payment, a tax return payment, an estimated tax payment, an amended return payment or “other” type of payment. Be sure to choose the applicable year.
  4. Next, verify your identity by confirming your filing status, social security number, address and date of birth. ID verification is required for each payment requested.
  5. Then, you must enter the amount you plan to pay and your bank information. (The IRS does not retain any routing or account numbers.
  6. Finally, you will be directed to a “final authorization” page, which will provide you with an online confirmation.

Once your payment has been submitted using Direct Pay, allow two business days for processing. Note: Payments submitted after 8 p.m. EST will be processed on the next business day. And if you need to make a change to your scheduled payment, you can edit or cancel the payment up to 11:59 p.m. EST two business days before the payment is scheduled payment date.

Ohio Online Tax Payments

If you owe taxes to the State of Ohio, you can make your payments online as well by visiting www.tax.ohio.gov. The state’s online payment system also allows for advance payments and does not require registration.

Online payment options are another way government entities are making an effort to provide more user friendly services. By using Direct Pay, or the state’s web-based payment option, you can avoid a trip to the post office and, better yet, have more control over when your payment is made and received. Your tax preparer can help you determine if online payments make sense for you and can answer any questions you may have. Email Rea & Associates to learn more.

By Wendy Shick, CPA (Mentor office)

 

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What Should You Do After Tax Season?

Monday, April 14th, 2014

Now that most of you have either filed your 2013 tax return or at least gathered your tax information and sent it off to your CPA, I know what you’re thinking. Phew! I’m done with my taxes for yet another year! But guess what? No, you aren’t!

Now is the time to start planning for next year. The sooner you plan ahead and strategize for next year’s tax season, the better off you may be. Not happy with the amount of taxes that you had to pay this past year? Not happy that you seem to work harder and harder only to pay more in taxes and get further behind? Start planning now for future tax seasons!

Tax Planning For the Future

Here are a few things you can start working on now to help create a better tax experience for yourself next year:

  • Develop an investment strategy. Most people don’t understand the affect this can have on your tax return. You can control when and how to take gains from your investments. You should work on developing a long-term investment strategy with your investment advisor.
  • Create a plan to sell property. Are you considering selling property sometime in the future? Did you know that there are ways to minimize taxes that need to be paid on the sale of property? This isn’t done by calling your financial advisor and letting them know you just sold some property. Get them involved now and discuss that you plan to sell some property in three to five years. Your financial advisor can help you structure the property sale and ultimately help you control the tax effect.
  • Establish a business plan. If you’re thinking about starting a new business, work with your financial advisor now to determine what tax savings you may be able to realize. Depending on the type of entity there could be significant tax savings down the road. 

Tax Planning Help

While there’s no single quick fix to solving all of your business and tax woes, planning now will certainly help you when tax season rolls around next year – and the year after that and so on. If you need help with your tax planning, contact Rea & Associates. Our team of Ohio tax planning professionals can help you develop a tax strategy that best suits you for years to come.

Author: Dave McCarthy, CPA, CSEP (Medina office)

 

Want to read some more articles related to tax planning? Check these posts out?

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