July 31st marked the end of a long month, but it also marked the tax filing deadline for 941 tax form 2018, which is used to report second-quarter employment taxes to the IRS. If you didn’t file in time, don’t panic. The tax filing deadline may have passed, but there is life after missing the 2018 Form 941 deadline. Here’s how to avoid more penalties and fees after filing your taxes late.
Life After Missing The 941 Tax Form 2018 941 Deadline
Since time is not your best friend right now, we’ll get straight to it. If you missed the Form 941 for 2018 deadline you need to file immediately with our sister product, TaxBandits!
No, this isn’t just a shameless plug–you really need to e-file your IRS Form 941 with them ASAP to avoid hefty IRS penalties. Penalties for filing taxes late start accumulating right after the missed deadline, and the only way to get on top of them is to stop them.
Curious as to what those penalties are? Let’s take a look…*brace yourself*
Failing to File
If you failed to file your 941 tax form 2018 by the July 31 tax filing deadline, your business will incur a penalty of 5% of the total tax amount due. You will continue to be charged an additional 5% each month the return is not submitted to the IRS, and this charge can continue for up to 5 months.
If, in addition to failing to file, you failed to pay your owed tax bill, you will initially be charged .5% of the unpaid tax amount. This fee will increase each month the payment remains unpaid. The penalty will increase to 1% ten days following the IRS notice of intent to levy.
Note: If you also failed to pay taxes owed or did not pay the amount in full, click here for more information on failure-to-pay penalties.
File Form 941 for 2018 TODAY to Avoid More Penalties
The longer you wait to file, the more you will have to pay! 😳
Now that you know where to file Form 941, set aside some time today to complete your tax filing requirements. E-filing is quick and easy with TaxBandits. By providing a simplified, interview-style process, TaxBandits enables you to conveniently e-file and keep your penalties to a minimum. They even provide you with a Form 941 for 2018 Checklist to ensure you have everything you need to file properly.
If you have any questions or need assistance filing 941 tax form 2018, we are available by phone, live chat, and email, standing by ready to help!