Regardless about how you feel about taxes, their legality, purpose or place in our culture, you do have to pay them. Make no mistake about it, you WILL pay them.
By the way, did you pay your 2020 taxes yet?
Just because you got an extension to file doesn’t mean you got an extension to pay them. They are still due. The original extension from April 17, 2021 to May 17, 2021, is still in place and you should have paid the 2020 tax years taxes that were due on April 17 by now.
Extensions do not apply to quarterly estimated payments. Those are still due on the dates provided on the payment forms.
As for how to pay:
- Cash (using PayNearMe)
- Check or money order
- Direct Pay
- Debit or credit card
- Direct pay (through their EFTPS system)
And if you are due a refund it goes without saying you should be filing as soon as possible. It is your money, after all.
But don’t forget that the taxes you owe is now their money. Best to pay on time or expect a penalty.
For more on how to keep up with your taxes and other things related to your company’s accounting and bookkeeping, call or write to us. TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.
**photos courtesy of Unsplash (Jon Tyson and Sharon McCutcheon, photographers)