It seems like we just rang in the New Year, it’s hard to believe that we are already almost through the first quarter of 2021, yet here we are! This means that it’s time to start thinking about your quarterly Form 941 filings.
We are delving into the deadlines that businesses should focus on when it comes to their quarterly filing requirements.
About Form 941
This tax form is officially called the Employer’s Quarterly Federal Tax Return. All employers are required to withhold certain taxes from their employees’ paychecks, including Federal Income taxes, Medicare taxes, and Social Security taxes.
This form must be filed and submitted with the outstanding tax payment. This tax return can be paper-filed or filed electronically to the IRS. Not only does the TaxBandits team recommend that you file electronically, so does the IRS!
Given the considerable IRS backlog that has developed during the pandemic, e-filing is a better option than ever, as the IRS can process these forms at a much faster rate.
Filing electronically is easier and more convenient for both you and the IRS. The e-filing process with the TaxBandits application is easy and accurate!
Who Must File the Form 941?
If you paid wages to your employees that are subject to withholding, you are required to file the Form 941 each quarter.
Once you have filed your first return, you will need to file a Form 941 for every quarter, regardless of whether you have taxes to report, until you file a final return for your business.
There are a few exceptions to this. Seasonal employers aren’t required to file every quarter, and those that employ household workers or farm workers will be held to different filing requirements.
When Should you File Form 941?
As this form is a quarterly one, there will be four deadlines to follow during tax year 2021. Keeping track of these dates and filing in a timely manner is the key to maintaining your IRS compliance.
Quarter 1- April 30, 2021
Quarter 2- July 31, 2021
Quarter 3- October 31, 2021
Quarter 4- January 31, 2022
Please note that if any of these deadlines land over a weekend or on a federal holiday, the next business day will become the filing deadline.
When you are ready to get started on your Form 941 for the first quarter, TaxBandits is here to help! We offer a simple e-filing process that allows you to file quickly and accurately using tools like Worksheet 1, our zero-filing feature for businesses with no taxes to report, and bulk upload capabilities for tax professionals.