Deadlines to pay personal income taxes vary from country to country.
In the United States, the IRS fixed April 18, 2023, to pay these taxes for 2022. It’s essential to make it a habit to always pay your taxes on time. Don’t wait until the deadline period. Plan for it now.
One of the best ways to pay your taxes promptly is to take advantage of the multiple payment options.
You will also learn the consequences of late payments.
Fast Ways to Get Your Taxes Paid
There are a few ways to ensure you pay your taxes on time. Below are a few ways to pay your taxes promptly:
Create a payment plan
You can always make payment plans with the IRS, especially whenever you cannot simultaneously pay. A monthly installment agreement can be planned with the IRS or your tax agency. Over time, this permits you to pay off what you owe.
Also, you are allowed to choose the amount you can afford to pay monthly. It is a fantastic deal.
However, in most cases, you need to pay fully within seventy-two months. That’s also how your minimum payment will be divided into 72. Remember to consider the interest and possibly the penalties when you do your calculations.
A loan with GetPayDayLoans can help you offset your late taxes.
Direct Pay
Direct Pay is a web service that’s very suitable for swift payment. The IRS and other tax officials also allow this. However, the website won’t store your personal information or bank account.
That means you need to continually input your data whenever you need to pay. In case you make any mistake, you can cancel or correct it within two business days of the scheduled pay-on date, especially when making payments for the future.
Digital wallet or debit/credit card
Another way to pay your taxes on time is to use digital means. Digital wallets and debit or credit cards can be used to pay taxes. However, you’ll need to go through what’s approved by IRS.
Also, remember that there will be charges for the processing fees. The payment type and processor will determine what your cost is. The IRS website has a list of approved payment processors.
Remember, over time, you will pay interest in addition to the processing fees if you use PayPal or a credit card.
What’s The Risk of Not Paying Your Taxes?
If you don’t file or pay your taxes on time, you’ll be subjected to interest on the overdue balance and penalties.
Every month, the penalty for late payment is 0.5%. It keeps going up if you fail to pay. The longer you delay paying your taxes, the more interest you will pay. A lien may be placed against your bank accounts if you accrue a considerable balance.
Conclusion
Paying your taxes on time will save you from lots of stress.
Make this a habit. To make it easier, there are several payment options. Go for what’s convenient for you.