How to Meet Your Q3 941 Deadline at the Last Minute with TaxBandits

It's not too late, here's what you need to get started!

941 Q3 deadline

The deadline to file your business’s quarterly 941 Form with the IRS is here! It’s not a trick; and if you fail to file, the IRS certainly won’t offer you any treats! In fact, it is quite the opposite, failing to file and make IRS deposits in a timely manner, your business could face unwanted IRS penalties. 

Even though today is the deadline, there is still time to complete your Form 941 and file with the IRS before midnight. 

Don’t let the scariest part of Halloween be IRS penalties looming in the future! Get started with TaxBandits now to meet your deadline. Here’s how!

Do I need to File Form 941 for my Business?

If you’re confused about your IRS filing requirements, no worries, they can be complicated. This is what Form 941 is and who typically needs to file it. 

Form 941 is an IRS tax form that is used to report Medicare, social security, and federal income taxes that employers are required to withhold from their employees’ wages. 

These employers must continue to file Form 941 every quarter regardless of whether or not they pay wages every quarter. The exception to this rule is seasonal employers, they are only required to file Form 941 for the quarters when they are operating.

What information do I need to File Form 941? 

You will need your basic information and some more detailed information about your business’s tax liability for the quarter and tax withholdings. Here is an overview of the information you need on hand to file accurately. 

  • Your Business Information
    • This includes your business name, EIN, and address
  • Employment Information
    • Your total number of employees
    • The total deposits that you have made to the IRS
    • Your tax liability for the quarter
    • COVID-19 tax credits are no longer available, but if you need to claim any credits from previous quarters, you will need to have that information available. 
    • Your Online Signature Pin. Don’t have one? No problem, TaxBandits supports Form 8453-EMP as an easy alternative. In the meantime, you can apply for an Online Signature PIN through TaxBandits for free!

What is your Deposit Schedule?

Before filing Form 941 for the quarter, it is important to know your deposit schedule with the IRS. This will determine whether or not you need to complete Schedule B. For example, if your business is reporting over $50,000 in employment taxes for the previous look-back period, then 941 Schedule B is required. 

On Schedule B, employers must enter detailed information about their tax liability throughout the quarter. TaxBandits includes Schedule B in the e-filing flow. If the information you enter indicates that you need to complete Schedule B, it will be automatically populated for you. 

Speed up your filing process with TaxBandits’ 941 Features!

With the help of TaxBandits’ simple and secure e-filing process, you can easily complete Form 941 in minutes! Are you a tax professional filing across multiple EINs for your clients? No problem! You can upload all your clients’ 941 information at once using our Bulk Upload Template. 

In addition to being easy and efficient, filing with TaxBandits is also affordable! You can file Form 941 starting at just $4.95 per form. 

Whether you are a business owner, tax professional, or even a reporting agent, be sure to stock up on prepaid credits. These credits allow you to save time during the e-filing process by skipping the checkout. They are also volume-based to save you money. 

Are you ready to start e-filing Form 941 for the third quarter of 2022? Create your free TaxBandits account today to get started! 

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