Electronic Federal Tax Payment System - EFTPS

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DEFINITION of 'Electronic Federal Tax Payment System - EFTPS'

A service offered by the U.S. Department of the Treasury that allows taxpayers to make tax payments either online or via telephone. The Electronic Federal Tax Payment System is available 24 hours a day, 7 days a week, and can be used by individuals paying personal income taxes or by corporations. This service saves taxpayers the time and inconvenience of making payments by mail or in person.

BREAKING DOWN 'Electronic Federal Tax Payment System - EFTPS'

Taxpayers can use this service by calling 1 (800) 555-4477 or logging on to www.eftps.gov. Taxpayers can access their personal or business accounts via electronic password. However, unavailability of the system does not excuse taxpayers for making late payments.

To learn more about the EFTPS, check out What are the dangers of using the Electronic Federal Tax Payment System (EFTPS)?

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