Pay Gift and Estate Taxes Online
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The IRS charges hefty penalties for failure to timely pay taxes. Just like with the failure to file penalties, the failure to file penalty is 5% per month, with a maximum of 25%. Interest is also charged.
For those who need to pay taxes at the last minute, or simply like the convenience of paying online or by phone, the IRS offers The Electronic Federal Tax Payment System (EFTPS). In addition to income tax, gift and estate taxes can also be paid through EFTPS. This year only gifts and estates in excess of $5.12 million may incur taxes, but next year that amount is schedule to drop to $1,000,000.
