This guide covers making estimated taxes for individuals.
In order to make IRS estimated tax payments, you can pay online or pay by mail by check. It is strongly recommended that you pay online and pay estimated tax payments on a monthly basis while you are in an Offer In Compromise, so the IRS does not accidentally apply the payment to back due tax debts.
The reason to pay monthly during an Offer in Compromise is that it keeps your average bank account balance at a lower figure, its easier to keep up with the payments, and it looks good to the IRS Offer In Compromise examining officer that you are well caught up when they review your case. If you do not pay monthly, then you should at least pay estimated tax payments on a quarterly basis.
Fill out a 1040ES Estimated Payment Form for the current tax year or use the ones that are on your last year’s tax return. Make sure they reflect the current year that you are making the estimated tax payment for.
Mail to the IRS payment address listed on the 1040ES Estimated Payment form listed above.
It is strongly recommended to make payments online. The IRS has lost checks for people many times, even ones that were sent certified mail.
Hi Jerome, Glad we could help and keep out of debt!
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