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How Do I Pay My Business Income Taxes?

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Question: How Do I Pay My Business Income Taxes?
Here is information about how to pay your business income tax, including estimated taxes and taxes payable with your application for extension.
Answer:

To pay your federal income tax bill for your business taxes, you have several options:

Credit card or debit card
You can pay by credit or debit card through one of the service providers listed by the IRS. These service providers charge a fee for transmitting tax payments. The two service providers listed by the IRS are:

  • Official Payments Corporation at 1-800-2PAYTAX (1-800-272-9829) or visit the Official Payments Web site.
  • Link2Gov at 1-888-PAY1040 (1-888-729-1040) or visit the Pay1040.com Web site.
Payments may be transmitted by credit card/debit card for Form 1040 (including your Schedule C for your self-employed income) and you may also transmit payments in this manner when you file an application for extension on Form 4868. The credit/debit card payment option is not applicable for payments for partnership tax returns on Form 1065, corporate tax returns on Form 1120, or s-corporation tax returns on Form 1120S.

Using EFTPS
You can use the Electronic Funds Transfer Payment System (EFTPS) at https://www.eftps.gov/eftps/ to pay all federal tax payments. You will first need to enroll in the system.

Electronic Funds Transfer
You can pay your business taxes through electronic funds transfer in one of two ways:

  • Through your tax preparer
  • By using tax preparation software such as TaxCut or TurboTax
Check the free filing options for filing with software.

Mail Payment
You can mail your tax payment along with return directly to the IRS, and you can use this option if you are paying at the same time as you are filing for an extension on Form 4868 or Form 7004.
If you are filing your taxes using Form 1040, you will need to complete and attach the payment voucher, Form 1040-V, to your payment. If you are mailing in your payment, be sure to address it to U.S. Treasury (or United States Treasury), and include the business Tax ID Number or your Social Security Number on the check.

Where to Mail
The address for mailing your business tax return depends on what form you are using, where you are located, and the size of your business. The IRS provides a web link listing the addresses for each type of form: http://www.irs.gov/file/article/0,,id=110867,00.html

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