How do I make federal quarterly estimated tax payments?
• You may credit an overpayment on your 2006 tax return to your 2007 estimated tax • You may mail your payment with a payment voucher form, Form 1040-ES • You may pay electronically using the Electronic Federal Tax Payment System (EFTPS) • You may pay via electronic funds withdrawal if you are filing Form 1040 or 1040A electronically or • You may pay using your credit card via a pay-by-phone system or the Internet. 3. What if I do not pay enough federal income tax in a timely manner for the calendar year 2007? Generally, if you do not pay enough tax in a timely manner either through withholding or making estimated tax payments, you may be required to pay a penalty. Please refer to IRS Publication 505, Tax Withholding and Estimated Tax, for a detailed discussion of the underpayment penalty, including exceptions to this penalty. 4. How do I obtain additional information regarding federal quarterly estimated tax payments? Please refer to IRS Publication 505, Tax Withholding and Estimated
