How to Set Up a Quarterly Estimated Tax Deduction From My Account
- 1). Open a separate bank account for your taxes. Designate this account for tax money only, and never use it to pay expenses. This account can be with the same institution that has your other bank accounts.
- 2). Link your accounts. Ask the bank to allow electronic transfers between your accounts. If your accounts are at separate banks, sign up for ACH, or automatic clearing house, transfers.
- 3). Designate an amount to be transferred to your tax account. You can go online and ask your tax account to make a deposit from your linked accounts. If your accounts are at another bank, you can do the same thing through the ACH system. Choose 30 percent of your income to transfer, according to Intuit.com. This should cover your estimated taxes.
- 4). Sign up for the U.S. Treasury Department's EFTPS service at eftps.gov. This is a free online site that allows you to pay your taxes electronically. You can link your tax bank account to the U.S. Treasury system and designate quarterly payments to be deducted from your account. This way, your payments are automatic and you only receive a tax bill if you have underestimated your taxes for the year.
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