Protecting Your Finances: The Importance of Online Tax Payments

We've been hearing more from our clients about a troubling trend: mail theft. Criminals are targeting checks, stealing them to "wash" and cash. While some banks make courtesy calls about suspicious activity, there's no guarantee this safeguard will catch every instance of fraud.

Considering these hazards, we urge you to reconsider using traditional mail for financial transactions. Switching to digital payment methods not only safeguards your assets but also streamlines your finances.

Immediate Processing: Online payments are processed immediately, providing instant confirmation that your payment has been received. In contrast, mailed checks can take days or weeks to process, leaving you uncertain about the status of your payment. Worse, the payment could be incorrectly posted to your account or not at all.

Enhanced Security: When you mail a check, you're exposing your personal and financial information to potential theft. Online systems use secure connections to safeguard your data, significantly reducing this risk.

Improved Accuracy: Online payments eliminate processing errors from manual payments, ensuring your payment is applied correctly to your account.

Faster Processing with Tax Agencies With potential staffing issues in federal government agencies, mailed payments may face significant processing delays. Online payments are automatically posted to your account, avoiding these issues.

Making Online Payments: A Straightforward Process Here are five easy steps to help you transition away from mailing checks:

• • Have your payment amount, tax year, and identification (Social Security Number) ready.
  • You might need to confirm your filing status, so have a copy of your tax return handy.

• • Visit IRS.gov and select "Make a Payment."

• • Double-check your payment amount, taxpayer details, and the specific tax form or period you're paying.
  • Submit your payment and note the confirmation number.

• • For Colorado state taxes, go to Colorado Revenue Online.
  • Under "Make a Payment," select the appropriate tax type and period.

Keep Your Confirmation • Always save the confirmation number or receipt you receive online as proof of payment.

Why It Matters By paying your tax balances online, you're protecting your finances from mail theft and check fraud while ensuring accurate and timely payments.

If you need assistance setting up online payments or have questions, please reach out.

For additional help watch our video that walks you through the online estimated payment process.