Fall can be a relaxing time as temperatures cool off and pumpkin spice flavored everything emerges. Businesses might be taking a little break to get out and view the beauty of leaves changing colors. But hopefully, they aren’t forgetting about their taxes because the 3rd quarter Form 941 deadline is due on October 31st.
It’s fitting that this deadline falls on Halloween because for some businesses the quarterly 941 return can be a nightmare to complete unless they e-file with ExpressTaxFilings, which makes the entire process quick and easy.
Everything You Need To Know About Form 941
We will begin by covering the basics. Form 941 is the Quarterly Federal Tax Return and it’s a report used to disclose employment taxes for those who own and operate a business with employees. Meaning any person or business entity that pays wages to an employee must file Form 941 on a quarterly basis.
As an employer, you are responsible for withholding federal income tax, social security tax, and Medicare tax from each of your employee’s paychecks. You are also responsible for sending these taxes for to the IRS. Form 941 is used to report the amount of taxes withheld from your employees during the quarter and to pay the employer’s portion of social security and Medicare taxes to the IRS.
Here are the Form 941 quarterly deadlines:
– First Quarter: January – March. Deadline – April 30th.
– Second Quarter: April – June. Deadline – July 31st.
– Third Quarter: July – September. Deadline – October 31st.
– Fourth Quarter: October – December. Deadline – January 31st.
An easy way to remember the deadline is to keep in mind that the quarterly deadline for Form 941 always falls on the last day of the month following the last month of the quarter.
Failure to file by the deadline will result in penalties, for example, failure to file Form 941 by the deadline will result in a penalty of 5% of the amount you owe assessed on a monthly basis until the penalty reaches 25%.
Also, if you fail to make a tax payment by the deadline you will face an additional penalty of 2 to 15% of the amount you owe based on how late your full payment is.
E-Filing With ExpressTaxFilings
You have the option to paper file Form 941, but you would be filing on your own and the process can be a little confusing. However, you also have the option to quickly and easily file Form 941 online with the help of ExpressTaxFilings.
All you have to do is follow the step-by-step interview style filing process that explains what information you need to enter an where! You’ll start by creating your free ExpressTaxFilings account and click, “Create New 941 Form”.
Then you will enter your employer information and follow the e-filing guide that tells you where to enter information such as how many employees you have and the amount of taxes withheld from their paychecks, so it’s good to have your payroll information available when you file.
You will need an electronic pen to complete the e-filing process but don’t worry, ExpressTaxFilings will automatically generate a free pin for you to use. ExpressTaxFilings also has a built-in error check in place to check your form for basic errors before it’s transmitted to the IRS.
Once your form is error free you can transmit it directly to the IRS and relax, because you’re done until the next quarterly deadline. You can elect to have your forms printed and mailed to you, and you can choose to receive instant text notifications that will update you on the status of your form with the IRS.
We’re Here to Help
If you need any assistance during the e-filing process please don’t hesitate to contact the dedicated ExpressTaxfilings support team. We’re available over the phone Monday – Friday from 9 AM to 6 PM EST at 705.684.4751. We also offer live chat and 24/7 email support at firstname.lastname@example.org.