Windward Private Wealth Management

Windward Private Wealth Management

Contact Us

Different ways people can pay their taxes

Different ways people can pay their taxes

Posted on:

Federal Tax

The April 18 deadline for individuals to file and pay their federal income tax is just around the corner. While paying taxes is not optional, the IRS offers a variety of ways for people to pay their taxes.

Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and S corporation shareholders who expect to owe $1,000 or more when they file. Individuals who participate in the gig economy might also have to make estimated payments. Taxpayers can pay all of their 2022 estimated taxes by April 18, 2022 or in four quarterly installments due April 18, 2022, June 15, 2022, September 15, 2022 and January 17, 2023.

Here are six ways people who owe taxes can pay it. They can:

  • Pay when they e-file using their bank account, at no charge, using electronic funds withdrawal.
  • Sign into their Online Account to pay their 2021 balance, estimated taxes, or payment for an extension to file. Taxpayers can also see their payment history, any scheduled or pending payments, and other account details.
  • Use IRS Direct Pay to pay electronically directly from their checking or savings account. Taxpayers may choose to schedule a payment up to 365 days in advance. They can choose to receive email notifications about their payments when they pay this way.
  • Pay using a payment processor by credit card, debit card or digital wallet options. Taxpayers can make these payments online, by phone.
  • Make a cash payment at more than 60,000 participating retail locations nationwide. To pay with cash, taxpayers should visit IRS.gov and follow the instructions.
  • Pay over time by applying for an online payment agreement. Once the IRS accepts an agreement, taxpayers can make their payment in monthly installments.

State Tax

Many Windward clients live in Kansas or Missouri, so below we specifically outline  how to pay tax in those states. If you don’t live in Kansas or Missouri, check out your state’s Department of Revenue website for information on how to pay individual income tax in your state. Many states offer electronic payments.

Kansas

If you file using WebFile you can have your payment directly debited from your bank account. This allows you to file now and pay later. Taxpayers do not have the option of direct debit when filing their paper Individual Income Tax (K-40) return, but they can make an Individual Income Tax payment through the Department’s web site at https://www.kdor.ks.gov/Apps/KCSC/Default.aspx.

If paying by check send the check or money order with a completed Kansas Payment Voucher (K-40V) for the balance due on your return. The Kansas Payment Voucher (K-40V) must be completed in black or blue ink. Do not staple, tape or attach your payment to the voucher. The payment must be made payable to Kansas Income Tax. Please write your Social Security number on the check or money order and on the voucher. If you filed a joint return include your spouse’s name and Social Security number on both your payment and the voucher.

Missouri

Payment must be made by April 15th to avoid interest and penalty charges. You can pay your balance due to the Missouri Department of Revenue by check or electronically (credit card or E-Check). To pay by check, make your check payable to the Director of Revenue and mail it along with the department’s payment voucher (Form MO-1040V), to the address indicated on the voucher. The software you are using should produce a payment voucher for you. However, you will not be able to submit a payment electronically through your software provider. To pay online, visit our “Pay Individual Income Taxes Online” page or call (888) 929-0513. The department accepts MasterCard, Discover, Visa, and American Express. Payment can also be made by bank draft. A convenience fee is charged to your account for processing.

 

“IRS Tax Tip 2022-45″, March 23, 2022, Internal Revenue Service website, IRS.gov. March 26, 2022.

“Frequently Asked Questions About Individual Income”, Kansas Department of Revenue website, ksrevenue.gov. March 26, 2022 

“Individual Income FAQs”, Missouri Department of Revenue website, dor.mo.gov. March 26, 2022

This content is provided by Windward Private Wealth Management Inc. (“Windward” or the “Firm”) for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of this blog is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in the individual blog posts will be derived from sources that Windward believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.

Windward is an SEC registered investment adviser. The Firm may only provide services in those states in which it is notice filed or qualifies for a corresponding exemption from such requirements. For information about Windward’s registration status and business operations, please consult the Firm’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.