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Individual tax returns, payments due Monday

POSTED: April 14, 2011 3:25 p.m.

WASHINGTON, D.C. — The Internal Revenue Service reminds taxpayers who have not yet filed their 2010 tax returns that individual returns and payments are due Monday.

There are several payment options available to taxpayers who have a balance due.

Payments can be made by:

• Electronic funds withdrawal

• Credit or debit card

• The Electronic Federal Tax Payment System or

• Check or money order

Detailed information on each of the first three payment types can be found on the IRS.gov Electronic Payment Options Home Page.

Some taxpayers who itemize their deductions may be eligible to claim as a miscellaneous itemized deduction the convenience fee charged to pay individual income taxes by credit or debit card.

Taxpayers who pay by check or money order should make the payment out to the “United States Treasury.” The tax year, form number and Social Security number should all be included on the check or money order. Also, include Form 1040-V, Payment Voucher, along with the payment and tax return. If you have already submitted your tax return but still need to pay all or some of the balance, you may mail the check or money order to the IRS with Form 1040-V.

For members of the military and others serving in combat zones, the filing and payment deadline is normally postponed until at least 180 days after the service member leaves the combat zone, so the April 18 deadline to file and pay does not apply. If you are eligible, you get the extra time without having to ask for it.

If you have a balance due, it’s important to pay your tax bill by April 18 to avoid penalties and interest. But even if you cannot pay your entire bill, pay as much as you can to minimize penalties and interest.

For those taxpayers who cannot pay in full by April 18, an installment agreement may be appropriate. Several options are available for setting up a payment agreement with the IRS.

Most people can set up a payment agreement on line in a matter of minutes.

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