Then sign up for EFTPS.

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It makes sense, doesn't it? If a task takes less time and energy to complete, you are more likely to do it on time. And using EFTPS definitely is easier and faster than writing out a check and taking it to the bank. You simply sit down and make a 5-minute phone call, or visit the IRS website and input a few numbers. No fuss, no muss. And you can do it 24 hours a day, 365 days a year.
Here's the latest version of the age-old story,fendi sunglasses, "The Tale of Two Small Business Owners." It goes like this: Small Business Owner #1 is 31 times less likely to be penalized by the IRS than Small Business Owner #2.
Well, I'm hear to tell you...making your tax payments with a manual check is soooo "20th century",armani sunglasses, man. Get with the times and start using EFTPS. Not only is it "hip, man" -- but it can also help you avoid a hefty late payment penalty.
My 3 children like to tell me how "old-fashioned" I am -- because of the clothes I wear or the music I listen to. I hear it all the time: "You're so '20th century', Dad."
Because Small Biz Owner #2 is stuck in the rut of the manual check payment routine,Fendi Sunglasses, he is 31 times more likely to get hit with a late-payment penalty.
Hmmm. What gives? What is the difference between these two chaps? It's simple, really.
Not only that,Lifestyle Sunglasses, but for his monthly payroll tax payments,Police Sunglasses, Small Biz Owner #2 has to fill out the little coupon that comes in that little yellow coupon book (known as Form 8109),Police Sunglasses, write out the check, and then take the time to visit his local bank and make the payment in person.
Ready to join the 21st Century, and avoid the pain of an unnecessary tax penalty? Then sign up for EFTPS.
And these late payment penalties are pretty steep: 1 to 5 days late = 2% penalty; 6 to 15 days late = 5% penalty; 16 or more days late = 10% penalty (plus interest).
Small Biz Owner #1 makes his federal tax payments electronically,Sport Sunglasses,Imagine Happiness for Fun and Success, using the government's Electronic Federal Tax Payment System (aka EFTPS). Small Biz Owner #2 makes his federal tax payments manually, using good old paper 'n ink to write the check.
One of my clients with a staff of 4 employees recently forgot to make one of his monthly federal payroll tax payments. During my quarterly review of his books, I informed him of the missing payment.
On a tax liability of just $2,Mulberry Bayswater,000,NFL Jerseys, he was now faced with a $200 penalty. Ouch!
I know, I know. Change is painful. You like your routine.