Last Minute Filing Tips for Your Business’s Q3 Form 941

The deadline to file payroll tax Form 941 for your business is the 31st! Here's some last-minute tips!

Form 941

When you hear the date, October 31st, you probably think of Halloween, but there is another important thing to remember about this date- it’s the deadline to file Form 941 with the IRS!

If your business is required to file this form, but you’ve fallen behind schedule, fear not. These are our top tips for meeting the deadline without the chaos, even if you’ve waited until the last minute. 

What is Form 941?

Let’s start out with a quick recap on the Form 941. Businesses that have employees and pay them wages that are subject to Medicare, Social Security, and federal income tax withholdings are generally required to file this form with the IRS. 

Officially the Employer’s Quarterly Federal Tax Return, this form is used by the IRS to track businesses’ tax liability and ensure that they are making accurate and timely tax withholdings from their employees’ wages. 

There are four quarterly 941 deadlines for this form – 

  • First Quarter (January – March): April 30th
  • Second Quarter (April – June):  July 31st
  • Third Quarter (July – September): October 31st
  • Fourth quarter (October – December): January 31st

Gathering Your Business’s Information

Before you are truly ready to sit down and complete Form 941, there is some information you’ll need to pull together. Some of the most important information you’ll need includes:

  • Basic details: Legal name, address, and EIN
  • The number of employees you’ve paid wages to
  • The total amounts of taxes withheld from employee’s wages
  • The business’s tax liability for the quarter
  • When does the business make IRS deposits (weekly or semi-weekly)
  • Information related to claiming a payroll credit for increasing research activities if applicable.
  • If the business has a balance due to the IRS, you’ll need to know what payment methods you should use. For example, Electronic Funds Withdrawal (EFW), scheduling an EFTPS payment, mailing a check with 941-V (payment voucher), etc.

Don’t Rush, Review your Information

While it is tempting to start filing in the rush to meet the deadline, remember that filing an accurate form is incredibly important. The IRS will check the specifics, and your employees depend on you to withhold and report their withholding amounts properly. Take the time to double-check your records. Once you’re satisfied that you have all of the information you need and there are no missing pieces or monetary discrepancies, now is the time to begin 941 filing

File Your Form Electronically

We’ve said this before, and we’ll say it again, e-filing is just easier! In addition to being the preferred method of the IRS, there are a lot of benefits that come with filing electronically. When you e-file 941 tax returns, you are able to get updates from the IRS that allow you to track its status. When paper filing there is no way to guarantee that the IRS receives it in the mail – let alone when they process it. 

Electronic forms are processed by the IRS at a much faster rate. Plus, when you choose an IRS-authorized e-file provider like TaxBandits there are great added benefits like our built-in error checks using the IRS Business Rules, auto-calculations, and simple e-signature options.

Our Best Filing Tip – Get Started with TaxBandits! 

The TaxBandits application is designed to help you meet your business’s 941 deadline with ease. With built-in error checks, auto-calculations, and a simple process for e-signing the form, we offer a complete solution. Plus, we continue to support you after you’ve transmitted your form to the IRS.

With TaxBandits, we’ll send you email notifications and provide updates to your account to keep you informed on the status of your filings. All of the forms that you file with TaxBandits are available in the ‘Distribution Center’ in your account for future reference. This allows you a secure, cloud-based record-keeping system, where you can access your forms at any time with only an internet connection required. 

Ready to create your free TaxBandits and get your quarterly filing out of the way? 

file 941 online

Add a Comment

Your email address will not be published. Required fields are marked *