When it comes to paying federal business taxes online, there is a set procedure that you have to follow. The procedure is not very difficult if you know how to go about it. The IRS has introduced the convenience of filing federal taxes right from your home using Internet. Gone are the days when you have to buy stamps, attach a check, fill out payment booklets manually, and then mail everything. Now, the process has become very simple, as all it requires you to do is to sign up on a website and file your tax returns just by a few clicks of mouse. Following is a brief rundown on how it works.
Visit The Official Website
When it comes to paying federal business taxes online, obviously the first thing you have to do is to visit the official website that the U.S. Department of Treasury has introduced for this purpose – EFTPS (federal government) site. The EFTPS (Electronic Federal Tax Payment System) is a free online system that both businesses and individuals can use to file their federal taxes.
Get Your Business Enrolled
Once you visit the EFTPS website, you first need to get your business enrolled on it. The registration process is very simple, as it just requires you to fill out some basic details about your business. It is important to note that it is not possible to pay federal taxes online for those who have not registered their businesses with the EFTPS website. If you do not want to fill the online forms provided by the site for enrollment, you can alternatively give a call at (800) 555-4477 and request the representative out there to send the form through postal mail. Obviously the later option is a time consuming one; so, you would probably like to go with the first option and get yourself enrolled by filling out the online forms.
Log In
Once you are through with the enrollment process, you will get a login ID and password. Log on to the EFTPS site and follow the simple instructions for paying federal business taxes online. As the site opens, you will see a login button; you just have to click on click on that link. Generally, your login ID is either your Personal Identification Number (PIN) or your Employer Identification Number (EIN). Your password is something that you entered at the time of registration.
Choose The Right Options
The site offers you several features. For example, you can modify the payment, schedule your payments, or make payments immediately.
Last, but not the least, it is very important for you to keep in mind that if for any reason you are unable to log on to the EFTPS site or if the site is down, you cannot use it as your excuse for not being able to file your tax returns on time. If you cross the deadline for taxes because of this, you will be liable to pay for the late fees and other penalty charges. Therefore, if you are considering paying federal business taxes online, make sure you do it in advance (you can schedule the payment at a later date within the deadline).