The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Check vs. EFTPS: Does it matter which?||Date: 6/2/2012 5:01 PM|
|Author: ptheland||Number: 116205 of 121256|
It's six of one, half a dozen of the other for me.
I'm also self-employed, but operate my business through a corporation. So I have to deal with payroll taxes rather than estimated tax payments. But it's still EFTPS.
I found EFTPS to be a hassle, so I keep my payroll down just enough so that I don't have to use it. For a while, I just paid myself once a year at the end of the year. The taxes due were too large to write a check, and only making one payment a year, my password was always expired and I had to recover things and wait for them to mail a new PIN.
So I started paying myself something each quarter so that I could send checks with my payroll tax returns instead of dealing with EFTPS. Of course, this has a perverse effect. If I used EFTPS every quarter, my account wouldn't get locked for inactivity and it would be a bit easier to deal with.
Still, I have to mail the payroll tax return, so enclosing a check doesn't add any additional postage or even an extra envelope. (Yes, I could e-file my 941 as well, but I've never done enough of those for clients to bother getting set up for that e-filing.)
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|