IRS-Approved Tax Payment Processing Vendors
Since taxpayers frequently make these distinct payments simultaneously, it’s understandable when novices get them confused.
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Tax preparation fees go to the accountant or software developer you retain to prepare your taxes. Tax payments go to the IRS or state tax collectors through a payment processing intermediary. Check this nifty cheat sheet from Mastercard for details about individual and business payment portals for state income taxes.īefore we go any further, we should clarify that paying your taxes and paying your tax preparation fees are two different things. In virtually every state that collects them, you can pay state income taxes with a credit card as well. This IRS primer outlines what you need to know about the process. Paying your federal taxes by credit card isn’t rocket science. Paying Taxes With a Credit Card: Approved Vendors & Costs With some important caveats, particularly around withholding taxes, business owners are eligible to pay tax bills on credit. Freelancers and independent entrepreneurs responsible for quarterly estimated tax payments can pay those with plastic too. Virtually all individual filers are eligible to pay their year-end taxes by credit card. So, I was surprised and a little embarrassed to learn for the first time recently that the IRS permits taxpayers to make federal tax payments by credit card. I’ve written dozens of credit card reviews for Money Crashers, after all, and personally tried out more credit cards than I’d like to admit. I like to think I know more about credit cards than the average person.
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