Tax payments are submitted to a government entity, typically each quarter, to cover a UserUser - A single end-user of your application. Each user has a unique userId, which should be stored in your database and used to make API requests on behalf of this individual.'s taxes. All self-employed earners over a specific threshold are required to submit quarterly tax payments to the IRS. Most states require estimated payments as well. Failure to make quarterly payments may result in fines, penalties and/or interest owed.
When a federal tax payment is created for a user within Abound, our system enrolls the individual with the Electronic Federal Tax Payment System (EFTPS). Abound provides a digital record of the tax payment for your user, or 1040-ES, and guarantees the payment is transmitted securely.
There are 41 states, plus Washington, D.C., that require estimated quarterly tax payments. Each state varies in the voucher type (1040-ES equivalent) that must accompany the tax payment. Similar to federal tax payments, Abound provides a digital record of the tax payment for your user and tracks the payment to the state tax authority.
Please be aware of the applicable dates and deadlines.
Updated 2 months ago