Tax payment is the liability of every citizen of the country, but it is also a crucial responsibility. Every person who owns a highway motor vehicle weighing 55,000 or more and covers a distance of 5,000 miles during a tax year must file form 2290 and pay the Heavy Vehicle Use Tax (HVUT).
When you file form 2290 online, you must do it via a trusted e-file service provider authorized by the IRS. There are several payment modes that one can opt for to make the HVUT payment online.
What is EFTPS?
Electronic Federal Tax Payment System (EFTPS) is one such payment mode offered by e-file service providers to pay the HVUT amount. It is a free tax payment service provided by the U.S. Department of Treasury.
This mode of payment is designed in such a way that it provides convenience to professionals, financial institutions, payroll services, etc., to pay their federal taxes.
EFTPS allows you to make the payment over the phone or through the internet. It also allows businesses to schedule the tax payment up to 120 days in advance, which is a great facility that minimizes the chances of late filing penalties.
You need to provide the following details to authorize EFTPS payment:
- Bank account details
- Routing number of your bank account
How to Enroll for ETPS
Following are the steps you must follow for EFTPS online enrollment:
- You need to visit the official website for EFTPS payment and get enrolled.
- For this, enter your Employer Identification Number (for business enrollment) or your Social Security Number (for individual enrollment), bank account number and routing number, and name and address as mentioned on your IRS documents.
- Next, specify whether you are a business, individual, or federal agency.
- Review all the information to ensure they are accurate and submit.
- You will receive your PIN within 7 business days via mail.
- After receiving your PIN, log in to your EFTPS account and start making payments.
Benefits of Using EFTPS
- It is a safe, secure, and accurate payment method.
- You can schedule payments up to 365 days in advance.
- You can make payments from anywhere, 27/7.
- It allows you to cancel or change scheduled payments easily.
- You can pay your employment, income, estimates, and excise federal taxes.
- It allows you to view the payment history for the past 15 months.
- You can track your payments via email notifications.
When paying your taxes using EFTPS, ensure that you provide the correct details, including your bank account and routing number. Also, keep in mind that you need to have sufficient funds in your bank account before initiating your HVUT payment.