What Are the IRS Payment Options for Your Form 941 Tax Payments?

These are the payment methods that the IRS makes available to you.

The third quarter deadline for Form 941 is really creeping up on us. With less than two weeks left to file, it’s time to get a move on! Put down that Halloween candy (it’s for the trick or treaters anyway) and start filing with TaxBandits.  

While you’re filing the Form 941, remember, if you have a balance due to the IRS, you will need to make a payment as well. Here are all the payment methods that the IRS makes available to you. 

Electronic Federal Tax Payment System 

The Electronic Federal Tax Payment System or EFTPS is a system that the U.S Department of Treasury created as a free method of making federal tax payments. Although this is a free system, you will need to enroll before you can use it. 

You can choose to enroll as a business, individual, or federal agency. To start the enrollment process, click here. 

When filing with TaxBandits, select “I will pay using EFTPS” and proceed with your filing. You will need to schedule your EFTPS payment separately from your TaxBandits filing.

Remember to schedule your payment no later than 8:00PM on the day prior to the deadline in order for your payment to go through on time. 

Electronic Funds Withdrawal 

Using Electronic Funds Withdrawal, or EFW is another easy and simple option for making your tax payment. The EFW is available if you are paying a balance due that is $2,500 or less. 

With TaxBandits, simply provide your bank details including the account and routing number. When your form is transmitted to the IRS, your payment will be debited from your account.

Credit Card Payments

The IRS doesn’t directly accept payments, but you can make a credit card payment through an authorized payment processor. This payment will need to be made separately from your TaxBandits filing, you can indicate that this is your preferred method during the filing process. 

Keep in mind that there will most likely be a processing fee associated with this transaction. You can find an authorized payment processor here

Check or Money Order

The IRS does accept checks and money orders, you will need to indicate that this is your preferred payment method while filing your Form 941 with TaxBandits, then you can make the payment at your convenience. 

Remember, if this is the method of payment that you choose, you will need to submit a Form 941-V with your payment. This is the payment voucher used when making payments to the IRS. You can easily download and print tForm 941-V from the print center in your TaxBandits account. 

The ability to easily handle your tax payments is just another great reason to file your Form 941 with TaxBandits this quarter! Get started now by creating your free TaxBandits account!

Form 941

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