Don't Mess With Taxes

Don’t forget to pay your final 2024 tax year estimated tax amount by tomorrow, Jan. 15.

I know. I’m cutting it close with my reminder. But if your life is as hectic as mine is right now and this tax task has crept up on you, then better late than never.

Electronic options: Since time is of the essence, the fastest and easiest way to pay is electronically. Those options include —

• Debit or credit card or digital wallet. This is fast, easy, and familiar to most of us. The two Internal Revenue Service-approved vendors Pay1040 and ACI Payments, Inc. Note, however, that the card processors (not the IRS) charge a fee for the service.
• IRS2Go. The IRS' mobile app gives you access to Direct Pay or credit/debit card payment options.
• IRS Direct Pay. This option allows taxpayers to schedule a no-cost transfer directly from a checking or savings account.
• IRS Online Account. This option allows taxpayers to view their payment history, pending or recent payments and other tax information.
• Electronic Filing Tax Payment System, or EFTPS. EFTPS is an older online tax payment option. Since I’ve been paying taxes a long time, I use it. It’s free and offers selections such as scheduling payments a year in advance, paying estimated tax payments, and tracking and changing scheduled payments. However, you must have created an account before you can use it.

Using any of these electronic payment options ensures that your estimated tax payment gets credited promptly.

You also can find more information on other payment options at IRS.gov/payments.

Paper payments still accepted: Since a growing number of us conduct our financial lives online nowadays, the IRS also is trying to go that route as much as possible. But if you're still a tax and payment traditionalist, or gradually making the move to total e-payments, the IRS has you covered.

You can pay by phone by calling toll-free one of the IRS-approved debit or credit card service providers noted above. Those toll-free telephone numbers are —

• Pay1040 at 1-888-PAY-1040 (1-888-729-1040), and
• ACI Payments, Inc. at 1-800-2PAY-TAX (1-800-272-9829).

Again, the same fees that are charged for online payments apply to telephone tax charges, too.

For those who are truly and totally old-school, you still can snail mail the IRS a paper check or money order.

While I now schedule all my estimated payments in April when I make the year's first one, I've made paper payments in the past when the deadline sneaked up on me. 

When you mail an estimated tax payment, simply getting it the mail in time for it to be postmarked by the due date — Jan. 15 in this case — is OK by Uncle Sam. Just like snail mailing your annual tax return, the postmark on your estimated tax envelope counts as timely filing.

If you do decide to mail your estimated tax payment, download the 2024 estimated tax package and include the appropriate payment voucher with your payment. Below is the voucher for the upcoming final payment.

See more tax forms and more about them at Tax Forms 2024 and Tax Forms 2025.

Again, mea culpa for being slow. But you still have time, albeit a little bit, to make your final 1040-ES payment for 2024.

Then take a break, and get ready to start the process all over for the 2025 tax year!

You also might find these items of interest:

• Estimated taxes: Why, when, and how to pay them
• Mark these key federal tax dates on your 2025 calendar
• Safe harbors and other ways to avoid estimated tax penalties

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