money sectionmoney sectionIllinois charges a 6.25-percent sales tax on purchases, including purchases made online. Companies with a presence in Illinois that also conduct their business online collect this tax, on behalf of the state, from Illinois customers. Businesses who have no affiliation with the state do not have this obligation. Illinois residents are responsible for reporting and paying a use tax when they purchase items from these companies.
Whether you are self employed or contracted through a third party, you may be curious as to what your taxes due will be at the end of the year. The process of tax estimation is fairly precise and should be done two to three times throughout the year to avoid over- or under-paying your taxes. Because of the advent of the Internet, tax estimation has become much simpler, as many sites are available to help consumers stay on top of their taxes. This article outlines the process of estimating your taxes online, quickly and easily.
Taxpayers who owe the Internal Revenue Service money have many options for paying their debts. To pay online, taxpayers can use the free Electronic Federal Tax Payment System, or EFTPS. After enrollment, individual taxpayers can set payments up to 365 days in advance. Paying taxes online allows taxpayers to forgo the need for payment coupons, postage and writing checks.
If you are self-employed, freelance or run your own business, you may be required to pay quarterly estimated taxes. If you file the quarterly 1040, you have the option of paying your estimated taxes online through the Electronic Federal Tax Payment System (EFTPS). This website simplifies the process of submitting estimated taxes throughout the year by allowing individuals to make payments on any schedule they choose--be it weekly, monthly or quarterly. Paperwork is eliminated and taxes can be submitted with a few clicks of the mouse.
If you had a tax liability the previous year or you expect to owe more than $1,000 to the federal government for the current tax year, you must pay estimated quarterly taxes. Online services allow you to pay using the electronic system known as the Electronic Federal Tax Payment System. Once you determine that you will owe money to the federal government for the current tax year, you should pay your taxes on or before the next deadline.
