Do you or someone you know own and operate a business with employees?
If so, as an employer, it is required that you file Form 941 with the IRS quarterly.
Employers are responsible for withholding federal income tax, social security tax, and Medicare tax from each of their employee’s salary. Form 941, also known as the Employer’s Quarterly Tax Return, is used to report these employment taxes quarterly and assists with calculating the employer’s portion of Social Security and Medicare tax.
Quarterly Filing Deadlines:
Form 941 has a total of four filing deadlines each year. These deadlines are split into first, second, third, and fourth quarters with the following due dates:
With only two days left in the month of September, the Third Quarter deadline is right around the corner. Be sure to file your Form 941 no later than October 31 with TaxBandits.
Most people think that filing taxes can be a headache and an extremely time consuming process…not with our sister product, TaxBandits! You will only need two major pieces of information to get started–Employer and Employment Details.
Employer details include the employer’s name, EIN, and address; while employment details include the following:
Medicare Tax & Social Security
Signing Authority Information
Once that is entered all you will need to do is review the completed form, pay a small, affordable price per form, and transmit directly to the IRS. And just like that, you’ve avoided IRS penalties and compliance issues.
Well, since we said the word ‘penalties’ let’s just go ahead and discuss it briefly so you know what you’re avoiding when filing with us.
Form 941 IRS Penalties:
Failure to file by the Form 941 deadline will result in a 5% penalty on the tax return for each month that the return is late. Although this penalty caps at 25%, the IRS will penalize you heavily for late payment or not paying the full amount owed. Your business will be charged 2-15% of the unpaid tax determined by the number of days it remains unpaid.
NOTE: Late deposit penalty amounts are determined using calendar days, starting from the due date of the liability.
Out of the many components to running your business, one of the most important is staying in compliance with the IRS. TaxBandits, sister product to ExpressExtension, is an industry leader for online tax preparation and tax filings which offers accurate and efficient e-filing at prices that can’t be beaten! Visit their website today to find out more information about Form 941 and the other services that TaxBandits offer.
If you’re in need of assistance filing your taxes, feel free to contact our live professionals at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also e-mail us at [email protected] or chat with us at www.expressextension.com for any further assistance e-filing your extension forms.