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What Does EFTPS Stand For

EFTPS Electronic Federal Tax Payment

The Internal Revenue Service’s Electronic Federal Tax Payment System (EFTPS) allows both business and individual taxpayers to make any federal tax payment such as income tax, estimated tax payments, employment and excise taxes. There is no fee to use EFTPS, but you must enroll with the IRS before you can make your first tax payment. The EFTPS also offers you the convenience of scheduling your tax payments so you don’t need to login for each due date. Individual taxpayers can schedule payments up to 365 days in advance of the deadline; however, businesses can only schedule tax payments up to 120 days in advance.

Using EFTPS Offline

In case you aren’t computer savvy or forget to schedule a tax payment to the IRS, you can make your payments over the phone by calling the IRS at 1-800-316-6541 for your personal tax payments or at 1-800-555-4477 for your business payments. And if you make a mistake or realize you have insufficient funds to cover the tax payments you schedule, you have two days before the payment date to cancel it.

Before providing your personal tax and bank information online, you should be aware that in recent years there has been an EFTPS email scam. You should never make your tax payment directly from an email you receive. It is always best to go directly to the IRS website. If it doesn’t have an URL, you should avoid it.

If you feel like reading more on the topic, see IRS Publication 966.