Receiving Your Tax Refund
When you file your tax return with us, you’ll need to provide your bank account details. If you’re eligible for a federal and/or state tax refund, the funds will be deposited directly into this account. However, if you prefer not to share your bank information, the IRS or your state’s Department of Revenue will mail you a check for any refund you’re owed.
Paying Your Tax Bill
The bank account you enter on your tax return isn’t just for receiving refunds; it’s also used to pay any taxes you owe. If you have a balance due, the payment will be automatically deducted from this account on the tax deadline, or if the deadline has already passed, as soon as your return is processed.
Setting Up a Payment Plan with the IRS
If you find yourself unable to pay the full amount of taxes due all at once, there's no need to worry. During the filing process, you can select the option to pay later.
Once your tax return has been accepted, you can visit the IRS website directly to apply for a payment plan. It will guide you through creating or signing into your IRS Online Account, where you can manage your tax payments.
By setting up an IRS Online Account, you'll gain access to a wealth of information, including your personal tax details, payment plans, and tax records. You'll also be able to view any notices or letters the IRS has sent you, helping you stay on top of your tax responsibilities.
For more detailed guidance on setting up a payment plan with the IRS, visit this link.
Setting Up a Payment Plan with Your State
Many states also offer the option to set up a payment plan for your state taxes. However, the process can vary from state to state. To get started, you'll need to check with your state's Department of Revenue for specific instructions: