Jay Freeborne

by Jay Freeborne, Enrolled Agent

If you are a self-employed person, you are simultaneously required to pay your Federal Taxes on your business income which also includes your contributions to your Social Security. With the new year upon us, it's good to know how to pay these taxes most efficiently.

EFTPS. You can set up an account at eftps.com which requires them sending you a pin. EFTPS is also used for businesses to pay their 941 taxes.

Direct Pay. If you have your previous year's AGI (Adjusted Gross Income), you can most quickly make estimated tax payments at Direct Pay. Just log on and pay. It's the fastest way assuming you have AGI.

1040-ES. The old school way of paying estimates is to mail in a check with a 1040ES Coupon. The address to send the payment is on the coupon instructions.

If you haven't paid enough into 2017, that's life. Time to move on to 2018 taxes. Staying current on taxes in the present year opens a lot of doors: helps possibility of getting penalties waived, puts you in a position to make an Offer in Compromise if you meet the criteria and allows you to resolve the back taxes thru other methods like installment agreements or Currently Not Collectible.

Washington Tax Services has been solving all tax issues under the sun for nearly 30 years. Email us a description of your tax issue and we'll contact you. You can also call 1-888-282-4697 to speak with a tax relief expert.

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