You should consider joining the millions of individual taxpayers who paid their taxes electronically this past year. This applies to paying both your Federal and Georgia income taxes.
Paying Your Federal Taxes
The U.S. Department of Treasury provides taxpayers a free service called Electronic Federal Tax Payment System (EFTPS) that enables you to make all federal tax payments electronically 24 hours a day, seven days a week through the Internet or phone. This includes all Form 1040 payments, quarterly estimates, estate taxes, gift taxes and even installment agreement payments. EFTPS offers you many benefits over paying by check, including:
- It’s secure—No one has access to your account except you. EFTPS uses the highest level of security available via the Internet. When you make online payments, you are required to enter three pieces of unique information: taxpayer identification number, personal identification number, and an Internet password.
- It’s fast—you can make a tax payment in minutes.
- It’s accurate—you can check and review your information before it is sent.
- It’s convenient—you can access your account and make payments 24 hours a day, seven days a week.
- It’s easy to use—once you register, it’s a step-by-step process that tells you exactly what information you need to make any federal tax payment.
- It helps reduce penalties!—By scheduling payments in advance and being able to check the accuracy of your information, you can avoid late payment penalties.
How the Process Works
At least one calendar day prior to your tax due date, before 8:00 p.m. ET, you access EFTPS via the Internet or phone. EFTPS will prompt you for the necessary information to complete your tax payment.
Once your tax payment instructions are accepted, you will receive an immediate EFT Acknowledgement Number. You should keep this number for your records should there be any questions at a later date. EFTPS will then initiate a debit transaction against your designated bank account on the date you indicated. The funds will be transferred to the Treasury’s account, and the tax data will be reported to the IRS to update your records.
If you wish to cancel a payment, you can do so via the Internet or phone within two business days prior to the scheduled payment date. You can also check up to 16 months of your EFTPS payment history at www.eftps.gov or call EFTPS customer service at 1-800-316-6541. To enroll today, visit the website above, or call the customer service number.
Paying your Georgia Taxes
Georgia, among many other states, offers a similar service to pay your state income taxes online. Georgia recently opened their Georgia Tax Center to individual users, whereas previously only business users could use this service.
To get started, visit the Georgia Department of Revenue’s website at http://gtc.dor.ga.gov. Click on “Make a Quick Payment” under the header “For Individuals.” You will be prompted to enter your personal information and schedule the date you wish the funds to be withdrawn.
For additional information on either federal or state electronic tax payments, please contact Henssler Financial’s Tax & Accounting experts at 770-429-9166 or experts@henssler.com. We will be more than happy to walk you through the registration process and answer questions or concerns you may have.
Disclosures
This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
