Form 941 for Q3 2024 is Due Today: TaxBandits Has You Covered!
Time is running out! Today is the deadline for filing Form 941 for the third quarter of 2024. It is crucial to file Form 941 on time so that you don’t incur any penalties from the IRS. If you haven’t filed Form 941 yet, don’t panic. We are here to help!
TaxBandits offers time-saving features to help you file efficiently and on time. Take advantage of our useful features and easily avoid unwanted IRS penalties.
Form 941 – A Quick Recap
Form 941, Employers Quarterly Federal Tax Return, is the quarterly tax form used by employers to report federal income tax, Social Security, and Medicare tax withheld from the employee’s paycheck. Both the employee and employer share of Social Security and Medicare tax must be reported on Form 941.
Additional Attachments for Form 941
Employers and tax professionals should be aware of the following additional requirements that may need to be attached when filing Form 941:
- Form 941 Schedule B: Semi-weekly depositors must attach this schedule, which provides a daily breakdown of federal income tax, Social Security, and Medicare taxes withheld from employees’ paychecks.
- Form 941 Schedule R: This is applicable only to aggregate filers, such as Certified Professional Employer Organizations (CPEOs) and Section 3504 agents. This schedule is used to allocate aggregate wages reported on Form 941 to each client.
Pay the 941 Balance Due Online With TaxBandits
Paying your IRS balance due is simple with TaxBandits. After reconciling your tax liabilities and deposits for the quarter, you can settle any remaining balance using multiple convenient payment options.
- Credit/Debit card – You can easily make credit card payments right from your TaxBandits account as soon as the IRS accepts your return. It’s a simple and convenient way to manage your payments.
- EFTPS – TaxBandits now offers an integrated EFTPS payment solution that helps you (employer) make your 941 tax payments efficiently. Click here to see how TaxBandits EFTPS works.
- EFW – You can use EFW (Electronic Funds Withdrawal) if your balance due is less than $2,500.
- Check or money order – If you choose to pay by check or money order, download and print the payment voucher Form 941-V along with Form 941.
Last-Minute Tips to Simplify Your Form 941 Filing
Gather all the required information
Ensure you have all the necessary details on hand before filing Form 941. This will streamline the process and help avoid last-minute issues. Key information includes:
- Business name, address, EIN, and quarter details
- Number of employees
- Wages, tips, and other compensation
- Federal income tax withheld from employees’ paychecks
- Employer and employee shares of Social Security and Medicare taxes
- Information regarding your deposit schedule
Opt for electronic filing
E-filing is the fastest way to submit Form 941 at the last minute, as electronically filed returns are processed more quickly than paper submissions.
Having said that, selecting the ideal e-file provider is essential, and this is where TaxBandits comes in, offering time-saving tools that simplify your 941 filings while helping you avoid unnecessary penalties.
Provide signature and date
After entering all required information on Form 941, remember to sign and date the form. The IRS will not process unsigned returns, which could delay filing and result in penalties.
Double-check the information
Carefully review all information before submitting Form 941. Double-checking can minimize errors and reduce the risk of IRS penalties.
Meet Today’s 941 Deadline with TaxBandits—There’s Still Time!
With TaxBandits, meeting your 941 filing requirements is easy. Benefit from exclusive features, including multi-e-sign, zero reporting, copy return, bulk upload, and built-in error checks. Meet your filing deadline with confidence—file with TaxBandits today!
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