How To Pay Your Taxes: Everything You Should Know

Everyone has to pay taxes—that much is obvious. But you probably don’t know just how many options you have to do it. The IRS offers plenty of avenues on which to pay your tax bill, each with its own pros and cons which we will be explaining one by one.

The most well known are, of course, through the tax-prep programs that people use, but did you know that you can use Direct Pay, or even your credit card? And there’s always snail mail (though the IRS discourages this being your first option nowadays).

Hay varias formas de reducir los impuestos

Para determinar el importe del impuesto sobre la renta que debe, primero tendrá que prepare su declaración de la renta. You have until April 15th to file and pay your individual income tax. If you miss the deadline, you will be charged penalties and interest.

>> Owe the IRS? Get a Free Tax Relief Consultation

Hacienda le da varias opciones para pagar los impuestos. To pay your tax liability in full right away, use one of these methods:

1. Pay With a Bank Account (Direct Pay)

Let’s start things off with what is, perhaps, the easiest way to pay your Federal taxes: Using "Pago directo" en el sitio web IRS.gov. Este método le permite pagar su factura de impuestos directamente desde su cuenta corriente o de ahorros. Deberá proporcionar su número de la Seguridad Social (SSN) o su número de identificación personal del contribuyente (ITIN) para utilizar el sistema de pago directo. Cuando realice un pago de impuestos, se le preguntará el motivo de su pago - asegúrese de seleccionar "Declaración de Impuestos" para que su pago se aplique a la cantidad adeudada en su declaración de la renta.

Pros Of Using Direct Pay For Your Taxes

• It’s a completely online method.
• You can schedule your payment up to a full year in advance.
• Same-day payments are an option, as is editing or canceling a scheduled payment (up until two days before the date).
• You get email notifications about the status of your payment.

Cons Of Using Direct Pay For Your Taxes

• You’re limited to two payments every 24 hours.
• Processing each payment can take up to two business days.
• If you’re living abroad, you can’t use an international bank account (unless it’s a U.S. bank affiliate).

2. Pay By Check or Money Order

Si presenta la declaración de la renta en papel, puede efectuar el pago mediante cheque o giro postal. Utilice Formulario IRS 1040-V (Comprobante de pago) para enviar su pago. El formulario 1040-V puede enviarse por correo al IRS en el mismo sobre que su declaración de la renta; simplemente no grape los formularios. Asegúrese de utilizar el Dirección postal de la Agencia Tributaria para el pago de sus impuestos.

Pros Of Paying Your Taxes By Check Or Money Order

• Money orders don’t require you to have a bank account.
• Money orders and cashier’s checks can’t bounce, so your payment is more secure.
• It’s possible to get a cashier’s check without a bank account (make sure to check first).

Cons Of Paying Your Taxes By Check Or Money Order

• Money orders are usually limited to $1,000.
• They have to be mailed physically.
• Regular checks can bounce.
• Requires you to move around more than other options.

3. Pagar en efectivo

Si desea pagar sus impuestos en efectivo, el IRS le ofrece una forma de hacerlo en tiendas participantes. El programa se llama "PayNearMe" y tiene una comisión de $3,99 por pago en efectivo. Tenga en cuenta que los pagos en efectivo suelen tardar entre 5 y 7 días laborables en procesarse, así que asegúrese de conocer los plazos aplicables. plazo fiscal y planifique con antelación para asegurarse de que su pago se recibe a tiempo.

In some cases, you might not have enough money in your bank account to fully pay your tax bill by the due date. The IRS gives you several options here – although you should always pay as much as you can by the deadline in order to minimize penalties and interest.

Pros Of Paying Your Taxes Using Cash

• Zero need for a bank account.
• Could be more convenient for some types of employees.
• The IRS is partnered with many U.S. retailers, such as Walmart, CVS, Walgreens, 7-Eleven, and Family Dollar.

Cons Of Paying Your Taxes Using Cash

• Some IRS offices require you to make an appointment 30 to 60 days in advance.
• Limited to $500 per payment.
• Requires you to move around carrying large amounts of cash, which can be possibly dangerous.
• Time consuming.

4. Pay By Debit or Credit Card

Si no dispone de fondos suficientes en el banco, pero sí de crédito disponible en una tarjeta de crédito, puede utilizarla para pagar sus impuestos. Visite el sitio web del IRS para obtener una lista de Procesadores de pagos. Tenga en cuenta que el uso de su tarjeta de crédito conlleva una tasa de tramitación (las tasas están indicadas y varían según el proveedor del servicio). En la mayoría de los casos, los intereses y comisiones asociados al pago de impuestos con tarjeta de crédito son inferiores a los intereses y multas que impone el IRS por pagar con retraso, por lo que es una opción viable para muchas personas que no disponen de dinero en efectivo.

Pros Of Paying Taxes Using Debit Or Credit Card

• Can be done either online or through the phone with the help of an IRS employee.
• A plethora of accepted options, such as Visa, Mastercard, American Express, Cirrus, Discover, and digital wallets like Venmo and PayPal.

Cons Of Paying Taxes Using Debit Or Credit Card

• Processing fees are applied for both debit and credit card payments, which increase according to the payment amount.
• At least part of your tax information will go through a third party.
• If using a credit card, paying high amounts can negatively impact your credit score.

5. Set Up a Payment Plan (Installment Plan)

Si debe $50.000 o menos en impuestos, puede solicitar un Acuerdo de pago en línea en el sitio web del IRS. Esto significa que usted estaría de acuerdo en pagar su saldo de impuestos en cuotas a lo largo del tiempo. Tenga en cuenta que se seguirán devengando intereses sobre el saldo impagado, pero no se le considerará moroso. Para solicitarlo, tendrá que facilitar a Hacienda información sobre sus ingresos y su deuda tributaria. En muchos casos, podrán darle una decisión inmediatamente en línea.

Pros Of Setting Up An Installment Plan

• Most taxpayers are automatically qualified.
• You can set up the plan fairly easily either online or through other traditional methods.
• The plan can be modified according to your needs as you go.

Cons Of Setting Up An Installment Plan

• If you’re setting up a long-term plan, you will be hit with a sign up fee.
• Even with an installment plan, penalties and interest still add up.
• Both the short-term and long-term plans have a tax debt limit ($50,000 and $100,000 respectively).

6. Offer to Settle

If it will cause “extraordinary hardship” to pay your tax liability, you can make a settlement offer to the IRS. This is called an Offer in Compromise. Essentially, you offer to pay a portion of your taxes immediately and the IRS agrees to drop the rest. There’s a lot of paperwork to fill out in order for a settlement to be approved, and you’ll need to demonstrate that it’s impossible for you to fully pay the taxes that you owe. If you are able to pay your taxes through an installment plan, you will not be eligible for an Offer in Compromise.

Pros Of Requesting An Offer In Compromise

• Can really make a difference for people in dire financial straits due to external factors.

Cons Of Requesting An Offer In Compromise

• For the IRS to consider your application, you must have filed your taxes for the year and be current on all payments from previous years.
• Taxpayers that are currently involved in bankruptcy proceedings cannot apply for an OIC, so it might make things harder if you’re already in a bad position.
• You have to pay a fee to set up the OIC, although the IRS can lower/eliminate it if you qualify for the Low-Income Certification.

¿Qué ocurre si no paga a Hacienda?

Si no paga sus impuestos antes de la fecha de vencimiento, el IRS iniciará el proceso de cobro. Los intereses se acumulan diariamente y se impondrán sanciones mensuales sobre el saldo impagado.

No pagar los impuestos puede dar lugar a un Embargo fiscal federal de Hacienda. Un embargo fiscal es una reclamación sobre su propiedad por no pagar impuestos. Un embargo fiscal permite al IRS embargar su salario y otros activos. Además, un embargo no se levantará hasta que los impuestos y multas sean pagados en su totalidad.

How To Pay Taxes: FAQ

1. What are the different ways to pay taxes?

There are several ways you can pay your taxes, such as the ones described below. Remember to check all the necessary details for each method.

• Online: Taxpayers can use the IRS website to pay their taxes through Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or with a debit/credit card.
• Mail: You can send a money order or check for the total amount of your tax liability to the IRS to the appropriate IRS address using regular mail.
• Bank account: You can use your bank account to schedule your tax payment when e-filing your return.
• In person: You can go directly to your local IRS office (or even participating retail partners) to pay your taxes. Remember to bring all your documentation with you.

2. Do I have to pay my taxes in full every time?

No. If you, for any reason, are unable to pay your tax liability in full, you can apply for a short-term or long-term payment plan from the IRS (depending on how much you owe). You might need to pay a setup fee if you choose the long-term plan, but some low-income taxpayers can ask for a reduced rate.

3. What information do I need to provide to pay my taxes?

The specific documentation you need depends on your specific case, but as for personal documentation you will need:

• Social Security Number (SSN) or Taxpayer Identification Number (TIN).
• Bank account details, or payment details if paying electronically.
• All applicable tax forms, such as W-2s for each employer you have.
• Your total gross income, AGI, and MAGI.

4. What if I can’t pay my taxes in full by the deadline?

First thing you’ll want to do if you can’t pay the full amount you owe is to pay as much as you can; this way you will reduce penalties and interest on your tax debt. Next, you definitely want to contact the IRS to set up a payment plan as soon as possible, whether it’s a short-term or long-term plan.

5. Will the IRS notify me if they received my payment?

It depends on what payment method you chose. The IRS will send a confirmation number if you paid electronically to the address you provided in your return. If you mailed your payment, you can ask your carrier for proof of delivery. Also, you can verify if your payment has been processed through your online IRS account.

6. Does the IRS charge any fees for paying with credit or debit card?

No. The IRS doesn’t charge any fees for debit or credit card payments, but your bank may charge processing fees for doing so. These processing charges are not considered part of your payment because they are not collected by them.

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