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Extension Deadline Approaching: 8 Tips for Paying Taxes

If you obtained an extension during this year’s tax season, the extended deadline for your return is Oct 15, 2015. After this deadline expires, the IRS will charge a failure-to-file penalty of 5% for the month or part of the month for which the return was not filed.

Tips for Paying TaxesIf you did not pay your taxes during filing season, you must pay them with your tax return to avoid incurring a failure-to-pay penalty of 0.5% further. The IRS can charge a failure-to-pay penalty after April 15, even if the taxpayer obtained an extension.

With only four days left to file, have a look at some tax tips provided by Examiner Enterprise:

1. Never send cash. Electronic payment options are the quickest and easiest way to pay your tax. But if you pay by paper check, complete Form 1040-V, Payment Voucher and mail it with your tax return and payment to the IRS. Remember to include your payment with your tax return but do not staple or clip it to any tax form.

2. Check out IRS Direct Pay at www.irs.gov to pay directly from your bank account. It’s secure, free and you will get instant confirmation that you have submitted your payment.

“3. You can pay taxes electronically 24/7 at www.irs.gov. Just click on the ‘Payments’ tab near the top left of the home page for details.

“4. Pay in a single step by using your tax software when you e-file. If you use a tax preparer, ask the preparer to make your tax payment electronically.

“5. Whether you e-file your tax return or file on paper, you can choose to pay with a credit or debit card. The company that processes your payment will charge a processing fee.

“6. Enroll in the Electronic Federal Tax Payment System. You can use EFTPS to pay your federal taxes electronically. You have a choice to pay using the Internet or by phone using the EFTPS Voice Response System.

“7. If you can’t pay electronically, you can still pay by a personal check, cashier’s check or money order. Make it payable to the ‘U.S. Treasury’ and be sure to write your name, address and daytime phone number on the front of your payment. Also, write the tax year, form number you are filing and your Social Security number. Use the SSN shown first if it’s a joint return.”