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The Electronic Federal Tax Payment System, or EFTPS, is a free tax payment system that is provided to tax payers by the United States Department of Treasury.
Individuals and/or businesses may pay all their federal taxes using EFTPS. For example, individuals can pay their quarterly 1040ES estimated taxes electronically using the free system, and they can make payments quarterly, weekly, or monthly. Both business and individual payments can be scheduled in advance.
Currently, more than eight million taxpayers are enrolled in the system. Since EFTPS started in 1996, there have been over 815 million electronic payments made that have totaled over $19 trillion!
EETPS uses the highest level of security available. Every user must have a secure Internet browser with 128-bit encryption in order to access the site. To log on to the system, an enrolled user must be authenticated with three pieces of unique information known only to the user: Taxpayer Identification Number (EIN or SSN), EFTPS Personal Identification Number (PIN) and an Internet Password. The combination of these three pieces of identification adds to the security of the site and the privacy of taxpayer data.
In addition, EFTPS offers you the convenience and flexibility of making your tax payments via the Internet or by phone. At least one calendar day in advance of the due date, by 8 p.m., you can access EFTPS directly to report your tax information. You will then instruct the program to move the funds from your account to the Treasury's account for payment of your federal taxes. Funds will not move from your account until the date you say. You will receive an immediate acknowledgement of your payment instructions, and your bank statement will confirm the payment was made.
This system is open 24/7. As a bonus, EFTPS allows taxpayers to schedule tax payments in advance. Businesses can schedule payments up to 120 days in advance of their tax due date. Individuals can schedule payments up to 365 days in advance of their tax due date. |