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