02/ 03/ 2003
by Mardy Fones
E-filing your small business's 2002 income tax return can be an efficient, accurate way to streamline filing. Benefits include:
- Confirmation of an accepted return sent within 48 hours.
- Math errors eliminated because taxes are calculated automatically based on the figures provided. If there is an error, the return is rejected immediately with an explanation e-mailed about correcting it.
- Refunds can be deposited directly into your account in about 10 days or arrive by mail in about three weeks; payments can be made by direct payment or via credit card.
Make It Easy With EFTPS
If you do withholding for employees, consider the IRS' free Electronic Federal Tax Payment System (EFTPS). It allows small business owners to pay their companies' federal taxes via the Internet, personal computer or telephone.
Safe, secure and user-friendly, EFTPS enhances accuracy with a built-in verification process. Available 24/7 on the Internet, an electronic funds transfer acknowledgement number is sent for each payment completed. The IRS applies no service charges for EFTPS, but your bank may have charges it applies for such transactions.
To get the details on EFTPS, visit www.irs.gov or call 800.555.4477.
This article originally appeared in the February/March 2003 issue of MyBusiness magazine.
