5 Ways To Pay Your Taxes in 2022

It's not too early to start preparing for the next tax season; think of it as the leverage to help you get things done faster and accurately. While we've dwelt on how to file your taxes, there's also the headache of the payment option available.

We know that paying taxes isn't fun, but avoiding or delaying can even be more stressful. With this in mind, we've put together the payment options available. Ensure that whichever one you choose allows for enough time for the IRS to receive your payment ahead of the 15th April 2022 deadline.

Here are some ways to get your taxes paid in 2022;

1. Direct Bank Payment

If you file your tax through a tax professional, tax software, or the IRS Free life, you'll be able to initiate an electronic payment from your bank account. The beauty of this option lies in the zero fees for the transaction. The payment will be processed through the Automated Clearing House network.

All you have to do is provide your bank account number and routing number. The tax payment can also be scheduled ahead.

2. Check, Money Order, or Cashier's Check

The IRS also permits you to mail your tax payment. There's nothing wrong with a conventional payment if you are not interested in using online payment options.

Don't forget to write your Social Security number, tax form number, and tax year on the check memo area. This should be sent along with Form 1040-V. This should not be stapled together.

Look at page 2 of Form 1040-V; you'll find the address where it will be sent to. To be on the safer side, go to the IRS website, you'll find the correct address for your state of residence and the nature of the payment.

3. Debit and Credit Card

Depending on the filing method you are using, there will be an option of paying your taxes using your debit or credit card. This should be through one of the approved payment processors.

There are three major processors that can be chosen via the IRS website. All of these payment processors charge a varying processing fees. Expect a flat rate for debit card transactions and a percentage for credit card payments.

You may be charged by your credit card issuer for the transaction also.

4. Cash Payment In Person

While the world has gone digital, the fear of scams or hacking means some people still prefer cash transactions. This is also possible for your tax payments. To save yourself time, ensure you book an appointment ahead.

There are also IRS retail partners that accept cash payments. These are about 7000 participating retail stores that can help transmit your payment to the IRS. Go to VanillaDirect or PayNearMe; you'll see the map of these stores, locate one nearest to you.

This option should only be used if the deadline day is still far ahead. It takes these stores between 5 to 7 days to process payments.

5. Bank Wire Transfer

While you may not see this service in the brochure of your local bank, they actually offer same-day wire transfers to the IRS. The fee for the size will be based on the size of the payment to be made.

This option is best used if the deadline day is closing in on you. It's best to pay a huge payment fee than to be playing around on the verge of tax avoidance.