Did You Forget Your June 15th Estimated Payment? How to Prevent Missed Quarterly Tax Payments

Like most of us, something that only has to be done four times a year is often forgotten.  And so it goes with quarterly estimates.  These late or forgotten payments can cause you to incur underpayment penalty.

The US Treasury offers a payment mechanism that may help. It is the “Electronic Federal Tax Payment System,” or “EFTPS” for short.

EFTPS is a secure, free system where, after enrollment, you can schedule required quarterly federal payments up to one year in advance.  These payments you set up ahead of time will automatically be made on the dates you select – no longer will you need to remember when a payment is due.

Using EFTPS will also eliminate the very real possibility that your check will be credited to someone else’s account or – worse yet – lost in transit.  The system allows you to initiate payments via the Internet or by telephone.

For more information, and to begin making electronic payments, visit the EFTPS Web site at www.eftps.gov.