Many people feel haunted by their tax payments. It is not because they don’t want to pay it or are intentionally accumulating debts. It is because they don’t know the right time and method of paying their taxes. There is a specific date for paying personal income tax for a year. Usually, the deadline for the previous year is in April of the current year.
For instance, you will pay your tax for 2022 (the previous year) in April 2023. You can also apply for an extension if you have problems with tax. Still, you need to pay an estimated amount you owe in taxes by this deadline of April 2023. You have many ways to file and pay taxes, such as –
- E-file online
- Paying on the IRS website
- Mail in a check
Let’s talk more briefly about when you should pay your taxes and the method you can use for paying your taxes.
When to pay your income tax?
Usually, the payment for federal tax returns is due on a specific day, like the 15th of April. However, this date fluctuates. It happens when the said date falls on a weekend or legal holiday. In such a case, the deadline for tax payment shifts to another working day. Although, the IRS starts accepting tax returns in January. If you owe a refund, it is beneficial to file a return earlier, so you can get the refund sooner.
Ways to pay taxes
You can pay taxes online or by issuing a check. You can also opt for the following payment terms.
- The electronic federal tax payment system
- Debit or credit card
- Direct Pay
- Digital wallet
You can also set up a payment plan. There is no restriction on paying more than the amount you owe. You can use this opportunity to pay your debt as soon as possible and reduce interest charges.