Managing your tax obligations is essential for a stress-free relationship with the government. This is especially true if you are self-employed or a small business owner since your taxes are not a once-a-year engagement because of the quarterly estimated taxes.

Fortunately, the Internal Revenue Service (IRS) provided a tool to streamline your tax-related tasks, the IRS Online Account for Individuals. Here’s why you should consider signing up: 

Convenient Access to Tax Records and Information 

You will have 24/7 access to your important tax information anytime, anywhere. With the IRS Online account, you can view the following information:  

• Your recently filed tax return with adjusted gross income, and tax transcripts. 

• Digital copies of select IRS notices. 

• Your advance Child Tax Credit payments, if applicable. 

• Tax-Related Information: 

• Five (5) years of payment history, including estimated taxes. 

• Your tax balance with breakdown by tax year. 

• Details of your existing payment plan. 

Make Tax Payments 

Through your IRS Online Account, you can make tax payments for free by using your bank account with an option to receive email confirmation of your payments. You may also pay via debit or credit card with applicable processing fees. You can make payments for your tax balances, quarterly estimated tax, tax on an amended return, a proposed tax assessment, or for a filing extension of on income tax return.  

There is also a link to Direct Pay if you want to make a scheduled tax payment. 

Create Payment Plans 

This feature of the IRS online account allows you to create payment plans if you cannot pay your tax balance in full. You can also make changes to your existing payment plan through the IRS online account. 

A payment plan is an agreement with the IRS to pay your taxes within an extended period. Remember, that under a payment plan, interest on taxes continue to apply until paid in full. In addition, plan set up and processing fees may apply depending on the specifics of your payment plan. 

Tax Pro Authorizations 

This allows you to view any authorization requests from your tax professional and electronically sign Power of Attorney and Tax Information requests from your tax professional. 

Signing up for an IRS Online Account is a smart move to manage your taxes. The IRS continues to improve and add features to the Online Account so do not wait until the next tax deadline to create your account. Set up your IRS Online Account now. 

Want to learn more? 

You may want to consult and work with 1099 Accountant – We offer online bookkeeping, online advisory services and online tax and accounting services. We offer reasonable rates. We only work with independent contractors, freelancers, and one-person business. We work with locum tenens from California to New York City and everywhere in between. Yes, even Hawaii! 

Contact us toll-free (855)529-1099 or make an appointment for a free consultation. Contact Us