Can I pay estimated tax payments using direct deposit?

Asked by gcoghill (139

) April 6th, 2008

As a freelancer/1099 contractor, I need to pay estimated taxes throughout the year, but I would prefer to just set up direct deposit to do this – or any online payment actually. I can pay my standard yearly taxes this way, but I can’t find a way to do this for the quarterly estimated payments.

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2 Answers

The IRS has a program called EFTPS which allows you to make quarterly payments. You go on line, give the IRS the amount and they will draw down against your account the NEXT day, not on the same day. So if estimated is due on the 15th you must enter your amounts on EFTPS by (I think) 5:pm on the 14th..

I use this to pay corporate (1120) and royalties (1042) but not personal estimated taxes.

I have the info in the office and can send it to you in a comment tomorrow or try www.irs.gov.

SRM

srmorgan (6773

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