TaxBandits Launches EFTPS Payment Solution: Start Your Journey to Seamless Federal Tax Payments

TaxBandits now supports EFTPS online payments, allowing clients to manage their business's tax payments directly from their account!

Stephanie Glanville | September 25, 2024 | Read time: 5 minute(s) | Tax Tips | No Comments

Managing the complexities of tax compliance is essential for any business. Timely filing of tax forms is important, but ensuring timely tax payments is equally crucial.

TaxBandits has been a trusted partner for businesses, providing tailored e-filing services for years. Now, in addition to its robust suite of services, TaxBandits also supports EFTPS online payments, making it easier for businesses to handle their IRS tax payments.

EFTPS – An Overview

The Electronic Federal Tax Payment System (EFTPS) is a secure payment option provided by the IRS, allowing businesses to make federal tax payments online. It streamlines the payment process, eliminating paperwork and ensuring that payments are made securely.

Businesses can use EFTPS to make payments for a variety of federal taxes, including:

Income Taxes: Pay federal income taxes, including annual returns.
Employment Taxes: This includes payments for Social Security, Medicare, and Federal Unemployment Taxes (Forms 941, 940, 943, 944, and 945).
Excise Taxes: Payments for goods and services like gasoline, alcohol, and tobacco can be made using EFTPS (Forms 720 and 1041).
Estimated Taxes: Freelancers, independent contractors, and small business owners can pay quarterly estimated taxes via EFTPS.
Other Taxes: Payments for non-profit taxes, railroad retirement taxes, and withholding taxes can also be made.

How Does EFTPS Work with TaxBandits?

TaxBandits integrates seamlessly with EFTPS, allowing you to handle your federal tax payments without leaving the TaxBandits application. Here’s how it simplifies the process:

Instant Registration: No more jumping between websites. TaxBandits offers a straightforward EFTPS registration process, enabling you to start paying federal taxes quickly.
Seamless Payment Submission: After completing the registration, select the tax form you need to pay for, enter your payment information, and schedule the payment.
Comprehensive Tracking: You’ll get reminders and real-time updates on the status of your payments, ensuring visibility throughout the entire process.

Steps to Pay EFTPS Taxes with TaxBandits

Ready to make federal tax payments effortlessly? Follow these steps:

Sign Up: Create your TaxBandits account if you haven’t already.
Input Your Business Details: Provide your taxpayer information.
Select Your Tax Form: Choose the appropriate tax form (941, 940, 720, etc.) for which you need to make payments.
Authorize TaxBandits: Complete and submit Form 8655 to authorize TaxBandits as your Reporting Agent (RA) to make your tax payments via EFTPS.
Add Bank Information: Provide your banking details to ensure payments are debited directly from your account.
Review & Confirm: Double-check your payment details and submit your payment to the IRS.
Schedule Payment: Typically, the IRS takes up to 24- 48 hours to process your registration. Once completed, you can schedule your tax payment to be debited on your preferred date.

Choose EFTPS with TaxBandits!

Convenient Payments: Make payments anytime, from anywhere.
Easy Enrollment: Seamlessly enroll in EFTPS through TaxBandits.
Secure & Fast: Benefit from encrypted transactions and timely payments.
Simple Payment Tracking: Stay informed with real-time tracking.
Pay, No Matter Where You File: Even if you filed with another provider, TaxBandits lets you process payments securely.

Make federal tax payments smoother than ever—start using EFTPS with TaxBandits today!