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The time has arrived to take care of your 941 forms! Filing early not only ensures compliance with IRS rules but also helps you sidestep any late penalties. Acting now allows you to manage your taxes stress-free and stay on top of the April 30 deadline. 

Form 941- Quick Recap

Form 941, the Employer’s Quarterly Federal Tax Return, is a mandatory tax document that employers must file quarterly. This form is used to report income taxes, Social Security taxes, and Medicare taxes withheld from employees’ paychecks, ensuring compliance with IRS regulations and accurate tax reporting.

Gather important information

To ensure accurate filing, prepare all the necessary information in advance, including:

• Business details
• Employee records
• Wages, tips, and compensation data
• Total taxes withheld from employees’ wages
• Deposit schedule specifics

Ensure you’re filing for all required workers

Employers must file Form 941 for all employees, including seasonal workers. It’s important to understand both who qualifies as a seasonal worker and the specific filing requirements for them.

Seasonal workers are employees who are hired by a business, typically during their busy peaks or need additional help to maintain their workload for a temporary period. 

Employers must file Form 941 for seasonal workers, but only for the quarter they were on the payroll, as required by the IRS.

The most common types of seasonal workers include:

• Retail
• Construction workers
• Delivery services
• Tax preparers
• Agricultural workers
• Warehouse workers

Add additional forms (if needed)

Certain employers may need to complete and file an additional form alongside their Form 941, depending on the details provided during the filing process. Specifically, businesses that are classified as semiweekly depositors and have reported over $50,000 in employment taxes are required to include Form 941 Schedule B as part of their filing. 

Form 941 Schedule B is used to provide a detailed breakdown of the tax liability for each day of the reporting period, ensuring accuracy and compliance with IRS requirements. Filing this schedule helps the IRS track and verify deposit schedules for businesses with significant tax liabilities, and failure to include it when required may result in penalties.

Some businesses may be required to file a Form 8974 as well with their 941 form. Form 8974 is required for small businesses to determine and report their payroll tax credit for research activities on Forms 941, 943, or 944.

If you are required to file these forms, they will be added automatically with no additional cost.

Prevent mistakes by reviewing your documents

To avoid errors and potential penalties, carefully review and verify all information before submitting. Be sure to double-check the following:

• All business names and EINs are entered correctly
  
• Every required section is fully completed and accurate
  
• All totals and calculations are correct
  
• Employer and employee tax amounts are properly reported
  
• The filing period and tax year are selected correctly

Use TaxBandits for a Smooth, Accurate Filing Experience

With all the best filing tips before submitting your Form 941, you can count on TaxBandits to keep your filing process simple, accurate, and compliant. Our platform streamlines the experience, ensuring all required forms are submitted correctly, giving you total peace of mind. 

Our easy-to-use software accelerates the filing process while keeping your data secure and error-free. To make things even better, we’ve introduced a new bundle filing option for Form 941.

With this new feature, you can file four Form 941s and one Form 940, or just four Form 941s, to complete your quarterly filings. One simple annual payment covers it all—no hidden fees, no surprises.

Don’t wait—start filing with TaxBandits today and stay ahead of the deadline!