How To Fill Out Money Order For Taxes

Despite the ease it provides, paying in cash isn't always the most secure course of payment. Instead, y'all may be asked to pay with a money order. Yous tin get a money order most anywhere, like banks, post offices and even Walmart. After that, information technology'southward as easy equally filling out the gild, keeping the receipt and handing it over to the person you're paying. Let's take a closer look at the procedure of filling out a coin order.

How to Purchase a Coin Order

Before you can fill out a money order, yous accept to purchase one. Once again, it is pretty piece of cake to detect a money social club. While y'all might want to caput immediately to your nearest banking concern, banks often charge a significant fee for coin orders. It's not unusual for banks and credit unions to charge between $5 and $10.

You can find lower fees at most convenience stores and grocery stores. For example, Walmart charges $1 or less. You lot tin can also head to a USPS location to buy a coin guild for $ane.xx (on amounts up to $500) or $i.65 (on amounts upwardly to $i,000). You can likewise purchase money orders from Western Union and MoneyGram.

How to Fill out a Coin Guild

Filling out a money order is a straightforward step-by-step process. Simply follow these instructions and you lot'll be gear up to send your coin.

1. Corporeality. When you lot purchase your coin guild, you take to specify the amount yous're sending. The clerk will printed that amount on the order. You don't take to write the corporeality of the money gild in, but you lot should make sure it'southward right.
2. Payee. The first line of the money gild usually reads "Pay to the guild of" or "Pay to." Hither, write the proper noun of the person or business organization you'll send the lodge to. If you're not sure what to write, it's best to ask the payee to avoid any mistake. The order needs to have the correct name, simply similar on a bank check, so the payee tin successfully cash information technology.
3. Purchaser.The next department requires the purchaser's information – that's you! Write your total proper noun and address. This clarifies for the recipient who the money order is from. Plus, your address provides your contact information in example in that location is an issue with the payment.
4. Memo. Coin orders typically include a "Memo," "Re:" or "Payment For" line. This is where you should write what the money is for. It helps to include other necessary data, like an account number or society number. This line is important for both the recipient and your ain tape-keeping, especially if you are paying a business.
5. Signature.Before you transport it off, be sure to sign the front of the money order. Take care not to sign the back, since this is where the recipient will need to sign.
6. Continue Your Receipt. The money order volition have a detachable receipt portion. This proof of buy volition allow you to rail the coin order and ensure when information technology is cashed by the recipient. It also comes in handy in the upshot the club is lost or stolen, so be certain to keep it in a safety place.

How to Send a Money Order

With your money social club filled out, information technology's fourth dimension to send it. Nearly oft, people apply money orders  for their better sense of security over greenbacks. Addressing a money guild to a specific recipient means that no one else can employ it, even if they do steal information technology. This makes it much easier to send a coin social club in the post with some peace of heed.

Earlier yous send your money order, double check that you've detached your receipt portion or carbon copy. Then, y'all can sideslip the order into a stamped envelope, address information technology to the payee and ship it out. Yous can as well merely hand the money order to the recipient in person.

How to Cash a Money Guild

If y'all've received a coin club every bit payment, you tin eolith or cash it but like you would with a bank check. To eolith your money order into your bank account, bring it to your bank and deposit it with a teller. To cash a coin society, you lot can either bring information technology to your banking concern, or to the money society issuing visitor (similar Western Union or the USPS) for payment.

Y'all may want to check that the money order isn't a fake before exchanging your goods. This is especially important if y'all're non familiar with the heir-apparent. If the order is false, you won't be able to collect any cash when you bring it to the bank. Online scammers often use fake money orders, and then if you suspect anything, written report it to the authorities.

The Takeaway

Not only are coin orders secure forms of payment, but they're also pretty user-friendly. You lot can observe them at a number of locations and fill them out with ease. When filling out a coin gild, though, double checking is key. You lot'll want to brand certain the correct amount has been printed, you've written the correct payee name and yous've kept the receipt. Once you lot're satisfied everything is correct, you can send information technology off!

Tips for Sending Money Securely

• Since you're reading almost money orders, you probably know that sending cash through the post isn't a secure way to transfer coin. If you lot don't desire to ship a money order either, you still have a ton of options, especially with today's technology. For one, you can send a wire transfer which usually takes a couple days.
• If you have the right checking account, you can too easily ship money electronically without extra fees. You tin can also typically use these funds immediately, rather than having to wait a few days.

Photograph credit: ©iStock.com/martin-dm, United states Postal Service, ©iStock.com/dardespot

Danielle Klimashousky Danielle Klimashousky is a freelance writer who covers a diverseness of personal finance topics for SmartAsset. She is an practiced on topics including credit cards and domicile ownership. Danielle has a BA in English from Wesleyan University.

Source: https://smartasset.com/checking-account/how-to-fill-out-money-order

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