{"id":41748,"date":"2019-01-28T09:53:04","date_gmt":"2019-01-28T15:53:04","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?p=41748"},"modified":"2021-07-19T15:55:15","modified_gmt":"2021-07-19T20:55:15","slug":"advantage-electronic-funds-withdrawal","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/irs\/refunds-and-payments\/advantage-electronic-funds-withdrawal\/","title":{"rendered":"What Are the Advantages of Electronic Funds Withdrawal?"},"content":{"rendered":"

Electronic Funds Withdrawal (EFW) is an integrated e-file \/ e-pay option offered by the IRS for paying your taxes online. This method of payment is available only when filing your federal taxes using tax software<\/a>, online tax filing<\/a> products, or through a tax professional. When you choose this option, you can submit one or more payment requests for direct debit from your designated bank account.<\/p>\n

With an Electronic Funds Withdrawal, you can choose the date of your payment as long as it\u2019s on or before the tax deadline<\/a>.<\/p>\n

Advantages of <\/span>Electronic Funds Withdrawal<\/span><\/h2>\n

There are several benefits of choosing an Electronic Funds Withdrawal.<\/p>\n

    \n
  • If you have a large balance due, you might want to schedule your payment for a later date, so you can earn interest on your money in the meantime.<\/li>\n
  • It’s convenient, as individual and business filers can e-file and e-pay in a single step.<\/li>\n
  • The IRS doesn\u2019t charge a fee to use EFW.<\/li>\n
  • It\u2019s safe and secure, as payment information is used only for the tax payment(s) authorized.<\/li>\n<\/ul>\n

    What Happens When You Use <\/span>Electronic Funds Withdrawal<\/span>?<\/span><\/h2>\n

    Once you file and your electronic funds withdrawal goes through, you’ll see proof of payment on your bank statement as \u201cIRS USA Tax Payment\u201d or similar. The payment amount will be debited in a single transaction; no recurring or partial withdrawals will be made. It\u2019s important to note that federal tax deposits cannot be made via the EFW payment option.<\/p>\n

    For payment options for making federal tax deposits, please refer to the tax form instructions.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Electronic Funds Withdrawal (EFW) is an integrated e-file \/ e-pay option offered by the IRS for paying your taxes online. This method of payment is available only when filing your federal taxes using tax software, online tax filing products, or through a tax professional. When you choose this option, you can submit one or more […]<\/p>\n","protected":false},"author":658,"featured_media":43763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[25,52],"tags":[],"class_list":["post-41748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-irs","category-refunds-and-payments"],"acf":[],"yoast_head":"Advantages of Electronic Funds Withdrawal | H&R Block<\/title>\n<meta name=\"description\" content=\"Do you know the advantages of Electronic Funds Withdrawal (EFW) for paying your taxes? 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