Small Business Resource Guide 2002
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Home > Filing Your Return(s) and Paying Taxes > Electronic Options for Filing Business Returns and Paying Taxes > IRS e-file

Filing Your Return(s) and Paying Taxes

IRS e-file

FORM 1040 (Schedule C and Related Forms)

As a small business owner or sole proprietor you understand the importance of quality and efficiency. In 2002, over 40 million people will file their income tax returns electronically for increased accuracy; secure filing, and faster refunds. Even if you have a balance due, you can e-file and e-pay in a single step by electronic funds withdrawal (direct debit) or by credit card through some tax preparation software packages. Listed below are the most commonly used forms and schedules filed by small business owners and self-employed individuals. All can be filed electronically.

  • Form 1040, U.S. Individual Income Tax Return
  • Schedule C or Schedule C-EZ, Profit or Loss From Business
  • Schedule SE, Self-Employment Tax
  • Schedule E, Supplemental Income & Loss from Rental Real Estate & Royalties
  • Schedule F, Profit or Loss from Farming
  • Form 4562 - Depreciation & Amortization

Electronic Filing Options

  • You may choose to use a tax professional who is an authorized IRS e-file provider. You can find an IRS e-file Authorized Provider near you by using the Locator Service on the IRS Web site @ http://www.irs.gov/elec_svs/efile-ind.html or
  • You can do it yourself using a personal computer, modem, and commercial off-the-shelf tax preparation software that includes the electronic filing (e-file) feature. Filing through a personal computer is also known as On-Line filing.

Electronic Payment Options

The Electronic Federal Tax Payment System (EFTPS) is a convenient, easy, accurate and secure way for business and individual taxpayers to make all their federal tax payments electronically. You can choose to make all your tax payments through EFTPS-Direct or EFTPS-Through a Financial Institution. Through EFTPS-Direct you can make your payment by phone, personal computer (PC) software or now through the Internet with EFTPS-Online. If you choose to use your personal computer to make your payment, free Windows-based software is available. If you choose to use EFTPS-Through a Financial Institution, please check with your financial institution to see if this service is available and how much their fee will be. Not all financial institutions offer this service. To enroll or receive more information concerning EFTPS, please call EFTPS customer service at 1-800-555-4477 or 1-800-945-8400 or visit our Web site (where you can also enroll online) at www.eftps.gov. While e-filing your individual return, you can authorize an electronic funds withdrawal from your checking or savings account. You can e-file early and schedule your payment for withdrawal on a future date, up to the return due date.

For more information on IRS electronic filing and payment options for businesses and individuals, please visit the IRS Web site