Don’t Miss Your 2020 Form 941 Third Quarter Deadline

Here’s everything you need to know to file Form 941 from start to finish with TaxBandits today!

You may be a little distracted by all of your Hallo-weekend excitement, but don’t let this get you behind on your Form 941 deadline! Especially when filing this form is so easy using TaxBandits! You can file your Form 941 with the IRS and pay your balance due faster than it takes you to finish off that Halloween candy!

Here’s everything you need to know to file Form 941 from start to finish with TaxBandits today!

Gather the following information

To file your form, you will need the following information:

  • Your basic business information (name, address, EIN)
  • Details about the wages, tips, or compensation that was paid to your employees
  • Any information regarding COVID-19 tax credits
  • Information regarding any deferrals to the employer or employee portions of Social Security taxes

Now it’s time to sign into your TaxBandits account, or create a free account if you don’t already have one!

Are you a semi-weekly depositor? You can also complete Schedule B while e-filing your Form 941 with TaxBandits.

Calculate your Tax Credits with Worksheet 1

The IRS released Worksheet 1 to help employers understand the refundable and nonrefundable credits due to COVID-19. As employers continue to get relief with the help of  these tax credits, they will need to be properly reported on Form 941. These amounts can be determined by using Worksheet 1. 

That is why we have built Worksheet 1 into our e-filing process. You can easily calculate the refundable and nonrefundable portions of your tax credits using the Worksheet 1. 

Signing your form is simple

Once you have completed your Form 941, it’s time for you to sign your form and send it on it’s way to the IRS. Just because you are completing this form electronically, doesn’t mean that signing it has to be complicated. There are two easy options.

You can use the Online Signature PIN  that you have been assigned by the IRS. Don’t have one? No problem you can e-sign using Form 8453-EMP. In the meantime be sure to apply to the IRS for an Online Signature PIN through TaxBandits, this is a free service that we offer!

Paying your balance due is a breeze

After completing and e-signing your form, you can take care of  your balance due to the IRS. With TaxBandits you can make a secure payment to the IRS using Electronic Funds Withdrawal. If you would prefer to handle your payment method separately from e-filing your Form 941, you can easily indicate this by choosing the Electronic Federal Tax Payment System (EFTPS), Check or Money Order, or Credit/Debit Card options. 

Transmit to the IRS and you’re done!

Ta da, that’s all there is to it. Now, all that’s left is to check out and transmit your Form 941 to the IRS. Not only have you completed your Form 941 for under $5, but we will continue to update you on the status of your form. 

Don’t have any employment taxes to report this quarter? Be sure to select our Zero Filing feature! This feature eliminates the need to navigate through every page of the form. Our software will generate your Form 941 with zeros in all of the correct fields so that you don’t have to. Then, you can simply review your form and transmit it to the IRS!

Don’t forget, filing late can result in IRS penalties! For every month that your business is late filing Form 941 to the IRS, you will incur a penalty totaling 5% of your balance due to the IRS. This will continue to accrue for up to 5 months!

Hurry, you only have until midnight to complete your Form 941 on time! Get started now with TaxBandits!

Form 941

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