Form 941 Third Quarter Filing Tips for Business Owners

Filing Form 941 for Q3 doesn't have to be stressful!

Happy fall y’all! Summer has officially passed and the third quarter is a wrap.

Now that we’ve made it through another quarter, let’s talk about the Form 941 deadline. The deadline for the third quarter is November 1, 2021. This may seem far off, but why wait?

Here are some of our top tips to help you master your Form 941 this quarter! 

Review Form 941 Before you Begin Filing

It has been a whole quarter since you filed last, and if you’re a seasonal employer then it may have been even longer! There were major changes implemented last quarter, but the good news is that there aren’t any major changes to 941 for the third quarter.

If you filed successfully last quarter, you can do it again, and TaxBandits is here to help. 

If you find yourself needing a refresher, you’ve come to the right place! 

Remember, the most notable changes to Form 941 for the second quarter were the addition of five new 941 worksheets to help you calculate your tax credits, the introduction of the COBRA premium assistance credit, and there were updates and additions to the form based on this. 

Now, let’s get you up to speed on Form 941 for the upcoming quarter.

Stay up to date with Form 941 changes for Q3

There are no major changes to the form this quarter, so you can breathe a big sigh of relief here. However, there is a change when it comes to calculating the refundable and non-refundable portions of the employee retention credit. 

Last quarter employers used Worksheet 2 to calculate the employee retention credit, however, this worksheet was only designed to be used in the second quarter of 2021. When filing for the third quarter, employers will need to use 941 Worksheet 4. You will also use this worksheet again for the fourth quarter of 2021. 

This is an important change to note, as the amount entered on Lines 11c and 13d will depend on using the correct worksheet. When filing with TaxBandits, there is no need to worry, all the worksheets you may need for the quarter are updated and integrated into the TaxBandits e-filing process. 

Take Advantage of TaxBandits Features! 

Here at TaxBandits, our team works hard to develop features that simplify your filing process, whether you are a tax professional or a small business owner. Here are a few to remember when you begin filing your Form 941 for the third quarter!

Zero-filing Feature

If you have no taxes to report for the quarter, your filing process is super simple with TaxBandits. Simply indicate that no wages were paid when you begin the form and you are able to skip through most of the filing process. Just review your form and transmit! 

Bulk Uploads

Are you a tax professional filing on behalf of multiple clients? Make sure you check out our bulk upload feature! This allows you to upload Form 941 data for multiple clients at once, so there is no need to file Form 941s one at a time. You can upload your data using our template or your own and then generate all of your clients’ 941s!

Use Prepaid Credits

At TaxBandits we love prepaid credits, for a reason, because they simplify your e-filing process and save you money! Prepaid credits never expire and can be used across multiple EINs. When you have a balance of prepaid credits there is no need to enter credit card information each time you transmit a form, just click transmit and we deduct a credit. It doesn’t get easier than that!

Are you ready to begin your Form 941 for the third quarter, why wait? Log in to your TaxBandits account today! 

Don’t have a TaxBandits account? Sign up for free and see all the awesome features we have to offer!


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