EFTPS vs. Debit/Credit Card Payments: What Works Best for You?

While filling out IRS Form 2290 for the Heavy Vehicle Use Tax (HVUT), selecting a suitable payment method is one of the most important steps. Alongside other payment options, the IRS accepts EFTPS payment (Electronic Federal Tax Payment System) and debit/credit card payment. Each of these methods has its advantages and disadvantages. In this guide, we review both options so that you can make the best decision.

What is EFTPS?

EFTPS is a U.S. Treasury Department service that provides a free online tax payment system. Businesses and individuals can pay taxes electronically from their bank accounts through this service.

Advantages of Paying for Form 2290 with EFTPS

• No Processing Fees - Straightforward transactions via EFTPS come without any processing fees and are thus more economical than payments made through debit/credit cards.
• Secure Transactions - Payments are made directly from your bank account through the U.S. Treasury system, meaning that every transaction is safe.
• 24/7 Access - Payments can be scheduled at any given time on any given day.
• Payment Scheduling - You have the option to set your payments in advance, which helps to avoid delays.
• IRS Recommended - The IRS tends to recommend EFTPS payments as a reliable and secure option.

Cons of Utilizing EFTPS

• Enrollment Needed – You have to go to www.eftps.gov and enroll to receive a PIN via mail that can take up to five business days.
• EFTPS Usage Restriction – No credit/debit cards can be used with EFTPS.

What is a debit/credit card payment?

Payments for the 2290 tax returns can be made with a debit or credit card through an authorized third party processor as permitted by the IRS.

Advantages of Using Debit/Credit Card for Form 2290

• Immediate Payment – An online payment can be made(at any time) without registration or waiting.
• Multiple Payment Processors Available – Users can choose from an authorized list of providers by the IRS.
• Credit Can Be Used – Beneficial in case one wants to stretch out payments.
• Quick & Easy – Good option for filers who wait until the last minute.

Disadvantages of Using Debit/Credit Card

• Fees for Processing – Payment processors apply a fee which is usually 1.87% - 1.99% of the tax amount for credit cards and a flat fee with debit cards.
• No Option for Scheduled Payment – Unlike EFTPS, there's no provision for scheduled future payments.

Which Payment Option is Right for You?: Matters to Consider

If you would like an easily accessible and secured payment option without fees, IRS EFTPS pay would be ideal. Be willing to set up an account in advance.

A Debit/Credit Card is recommended if you're looking for the possibility of making an immediate payment, don’t mind the extra small fee, or prefer the flexibility to use credit.

Be sure to pay your Form 2290 taxes regardless of which route you take. Missing the deadline results in unwanted penalties. If e-filing requires assistance, trust an approved provider of Form 2290 e-files to complete the task without complications.

Do you need assistance filling out form 2290?

Feel free to reach out to simpletrucktax.com for fast, safe, and approved e-filing services from the IRS. They offer the fastest and more affordable option to those wanting to e-file form 2290.