The Electronic Federal Tax Payment System (EFTPS) is a free tax payment service offered by the U.S. Department of the Treasury to help individual and business taxpayers pay their federal taxes electronically. To use the service, you must first enroll online by entering your Taxpayer Identification Number (your Employer Identification Number if you're enrolling as a business, or your Social Security Number if you're enrolling as an individual), your banking account information, and your name and address as they appear on your IRS tax documents. Approximately one week after you enroll online, you will receive a PIN (Personal Identification Number) in the mail, and you can complete your online registration and begin making payments.
For many people, EFTPS provides an easier method of managing and making tax payments. EFPTS offers many benefits, including:
- Speed. You can make tax payments in minutes. This can be especially helpful when your tax payment would not be received on time if it had to be mailed. Note: payments must be scheduled at least one calendar day before the tax due date by 8 p.m. ET to reach the Internal Revenue Service on time. On the date you select, the funds will be moved to Treasury from your banking account, and your records will be updated at the IRS.
- Accuracy. You can check and review your information before sending.
- Convenience. You can make a payment from anywhere as long as you have an Internet or phone connection, 24 hours a day, seven days a week.
- Ease of use. Once you are enrolled, a step-by-step process guides you through scheduling payments.
- Security. Online payments are secure, and you'll have to enter your Taxpayer Identification Number (EIN or SSN), Personal Identification Number, and Internet password each time you log on. If you use the phone system to call in a payment, you will have to enter your Personal Identification Number and Taxpayer Identification Number (EIN or SSN).
Another advantage is that you can schedule payments in advance, which helps ensure you don't miss important deadlines. Business taxpayers can schedule tax payments up to 120 days in advance, and individual taxpayers can schedule payments up to 365 days in advance. Visit www.eftps.gov for more information.