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.

  1. What credit card fees are tax deductible?

    Both individuals and businesses can take advantage of certain tax rules to deduct fees that are incurred through various ... Read Full Answer >>
  2. What are the dangers of using the Electronic Federal Tax Payment System (EFTPS)?

      The Electronic Federal Tax Payment System (EFTPS) is a free tax payment service offered by the U.S. Department of the Treasury ... Read Full Answer >>
  3. Do tax brackets include Social Security?

    A portion of your Social Security benefits may be subject to federal taxation using tax brackets. Your tax bracket is determined ... Read Full Answer >>
  4. Are personal loans tax deductible?

    Interest paid on personal loans is not tax deductible. If you take out a loan to buy a car for personal use or to cover other ... Read Full Answer >>
  5. Does a Flexible Spending Account (FSA) cover braces?

    Funds from a Flexible Spending Account (FSA) can be used to cover costs associated with installing, maintaining and removing ... Read Full Answer >>
  6. Does QVC charge sales tax?

    QVC, an American TV network, is registered with states to collect sales or use tax on taxable items. QVC is also required ... Read Full Answer >>
Related Articles
  1. Taxes

    How The Wealthy Slash Their Income Tax Bills

    Many of these tax-minimization strategies can be used by anyone. Find out how you can pay taxes like a millionaire.
  2. Taxes

    7 States With No Income Tax

    These states impose no income tax on residents, but will putting down new roots really save you money?
  3. Taxes

    Personal Income Tax Guide

    If the sight of your W-4 has you in the doldrums, read on to learn how to beat the tax blues.
  4. Taxes

    How & Where to File Form 1040 (And Which Version)

    All taxpayers need to know three things when filing a 1040: which form to use, how to file and where to file. After reading this, you'll know all three.
  5. Savings

    Should You Look at 529 Plans Outside Your State?

    529 savings plans are not restricted by geography. So if your in-state offering has high fees or poor investment choices, look elsewhere.
  6. Taxes

    The Purpose Of The W-9 Form

    The W-9 form provides key data your clients need if you're an independent contractor. Just be sure you're not really an employee who should fill out a W-4.
  7. Taxes

    Revisiting the Internet Sales Tax Bill: 2013 Vs. 2015

    Learn about the Marketplace Fairness Act of 2015 being reviewed by congress and the differences between it and the 2013 Marketplace Fairness Act.
  8. Taxes

    5 States Without Sales Tax

    Learn about the five states that do not charge sales taxes and about other taxes the states levy instead in order to generate revenue.
  9. Investing Basics

    How to Deduct Your Stock Losses

    Held onto a stock for too long? Selling at a loss is never ideal, but it is possible to minimize the damage. Here's how.
  10. Investing Basics

    Internet Sales Tax's Effect on Interstate Commerce

    Find out how a national Internet sales tax could affect interstate commerce, and why some bigger online retailers are lobbying for such a tax.
  1. Electronic Federal Tax Payment System - EFTPS

    A service offered by the U.S. Department of the Treasury that ...
  2. Earnings Stripping

    Earnings Stripping is a commonly-used tactic by multinationals ...
  3. Skinny Down Distribution

    Skinny down distribution is corporate practice of slimming down ...
  4. Taxes

    An involuntary fee levied on corporations or individuals that ...
  5. Sales Tax

    A consumption tax imposed by the government on the sale of goods ...
  6. Section 1231 Property

    A tax term relating to depreciable business property that has ...

You May Also Like

Trading Center