We hope you had a wonderful Christmas, complete with the perfect gift and unforgettable family memories. Now you have a few days to relax before you ring in the new year and the upcoming Form 941 tax season.
This should give you enough time to complete Form 941, eventhough the 4th quarter deadline is quickly approaching on January 31. You don’t have to let this deadline hang over your head because you can easily complete your return now, with TaxBandits.
Form 941 4th Quarter Deadline
Form 941 Overview
Form 941 is the Employer’s Quarterly Return and it’s used to report tax withholdings from your employee’s paychecks. As an employer who pays wages to employees, even if you only have one, you’re responsible for withholding social security, income, and Medicare tax from their paychecks.
This form is used to make sure you’re doing that. It’s also used to pay the portion of Medicare and social security tax that the employer owes to the IRS. As an employer, you’re responsible for filing Form 941 on a quarterly basis and the deadlines are:
First Quarter – April 30th
Second Quarter – July 31st
Third Quarter – October 31
4th Quarter – January 31
Completing Form 941 is quick and easy! All you have to do is providing the following information:
> Your employer details, including the name, employer identification number, and address
> Your total employee count
> Medicare tax and social security tax withheld
> Deposit made to the IRS
> Your tax liability schedule (monthly/semi-weekly)
> Your signing authority information
> And your online signature PIN or Form 8453-EMP
Your Form 941 Signature
As mentioned above, to finish filing Form 941 online, you will need to provide an electronic signature. You can sign your 941 Form with your online signature PIN from the IRS. If you don’t have one, you can apply for one with TaxBandits for free. However, this process can take up to 45 days to complete.
If you don’t have 45 days, don’t worry. You can use Form 8453-EMP to sign your 941 Form online. All you have to do is download the form from TaxBandits, complete it, and upload it. The process only takes about a minute.
Form 941 Penalties
If you fail to file Form 941 by the deadline you will have to deal with penalties imposed by the IRS. Failure to file results in a monthly penalty of 5% of the total tax you owe with a maximum penalty of 25%. If you don’t pay the amount of tax you owe by the deadline you’ll be charged between 2 to 15% of the amount you owe, depending on how late your payment is.
Filing Form 941 Online
Avoid Form 941 penalties by quickly and easily complete your return with TaxBandits. All you have to do is create your free account and follow the simply interview style e-filing guide. It walks you through the entire e-filing process!
Plus, if you need any assistance our dedicated, US-based support team is here to help. Give us a call Monday – Friday from 9 AM to 6 PM EST at 704.684.4751. We also offer live chat and 24/7 email support at support@TaxBandits.com.