Lots of ways to pay your federal tax bill

The bad news: Your tax return is due tomorrow, and you owe. The good news: It's relatively easy to send a payment electronically, and potentially cheaper than it's been in the past.

Here are your options:

• Direct withdrawal from your checking account. Your tax preparer can set this up for you, or if you're using do-it-yourself software, just follow the prompts. You'll need your bank account number and routing number, both of which are printed on your checks. The IRS does not charge for electronic funds transfer, but your bank might. So inquire about any fees before you decide on this method.

The IRS also has an electronic funds transfer payment system (EFTPS), but an IRS spokesman told us it's meant mainly for use by businesses and individuals who file quarterly estimated taxes, rather than once-a-year filers.

• By check, via snail mail. Even if you file your returns electronically, you can send a check the old-fashioned way, and take advantage of holding on to your money for a few extra days. When you send in the check to the proper IRS address, you'll need to attach it to the IRS payment voucher, 1040-V. "In general we do encourage electronic payments and withdrawals," said Dean Patterson, IRS spokesman. "But there's nothing stopping you from using Form 1040-V."

• Debit/ATM card. If you have a debit card issued by Visa or an ATM card that participates in the STAR, NYCE or Pulse (not Plus) networks, you can pay your federal taxes as a debit transaction. This may be an option for folks with a considerable tax bill, because the transaction fee isn't a percentage of the total owed, but a flat fee of no more than $3.95 per transaction, set up by IRS-authorized third parties. If your debit card program involves reward points, that also may be an attraction.

Because these debit transactions do not involve a PIN number, they're subject to more-stringent consumer protections than PIN-related debit transactions, according to Avivah Litan, a security analyst at Gartner Research in Stamford, Ct. Litan says that any non-PIN transaction using Visa or MasterCard provides you with zero liability in the event your bank information is compromised during or after the transaction. Bottom line: Debiting your tax bill is a safe transaction.

• Credit card. This tempting tactic lets you delay actual payment for a month or so, and maybe earn reward points in the bargain. But, depending on your tax liability, the service fees can mean serious money; they range from 1.95 to 3.93 percent of your balance, with a minimum payment of $1. On a $2,000 tax bill, 3.93 percent is an extra $78.60. And if it turns out you can't pay that credit-card bill on time and in full, you're subject to credit-card interest, currently running at an average of 13.78 percent, according to LowCards.com, a credit-card information Web site. The average credit-card reward is 1 percent of purchases; on a $2,000, that's worth $20. If you're late on a payment, you'll likely wipe out that reward with penalties and late fees.

Consumer Reports Tax Information Guide has lots of good advice on money-saving ways to do your taxes, as well as handling amended returns and dealing with the IRS.

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