The No-Worry Guide To File Form 941 During Tax Year 2020

The TaxBandits team is ready to help you file Form 941 easily and accurately!

It’s almost that time, time to make your quarterly payroll tax payment to the IRS. The TaxBandits team is ready to help you file easily and accurately! This is everything you need to know to file your Form 941 during tax year 2020!

What Is The Form 941?

This tax form is officially called the Employer’s Quarterly Federal Tax Return. If you pay wages subject to federal income tax withholding or social security and Medicare taxes, you must file Form 941 quarterly. The deadline to file your 2020 Form 941 for the first quarter is on April 30, 2020.

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!

Filing electronically is easier and more convenient for both you and the IRS. The e-filing process with TaxBandits software is easy and accurate everytime!

What Information Is Required To File Form 941?

When you sit down to file your Form 941, you should make sure that you have this important information nearby:

  • Your employer information (name, address, EIN)
  • Your employee count
  • Information regarding the Medicare and Social Security taxes that you withheld
  • Deposits made to the IRS
  • Attach Form 941 Schedule B, If your weekly or semi-weekly deposit scheduler
  • Signing authority information

What Are The Deadlines For Form 941 In 2020?

As this form is a quarterly one, there will be 4 deadlines to adhere to in tax year 2020. Grab your calendar and find these dates, circle them, memorize them…they are important!

  • Quarter 1- April 30, 2020
  • Quarter 2- July 31, 2020
  • Quarter 3- October 31, 2020
  • Quarter 4- January 31, 2021

If any due date for filing falls on a Saturday, Sunday, or legal holiday, you may file your return on the next business day.

The beauty of filing with TaxBandits is that you can file your Form in minutes and get back to your business. There are five steps from start to finish after you create your free TaxBandits account. 

  1. Choose Tax Year and Quarter
  2. Enter Social Security and Medicare Taxes
  3. Choose IRS Payment Methods
  4. Enter your deposit schedule and tax liability information.
  5. Review your Form 941 and transmit to the IRS

No IRS-issued 10-digit PIN? Don’t Worry! Users can easily e-file Form 941 without an IRS 94x Online Signature PIN. TaxBandits allows for the filing of this form so that users can easily e-sign and transmit their Form 941 to the IRS. 

Another great feature of the TaxBandits software is that you don’t have to pay for our services until you are ready to transmit your forms to the IRS. You won’t be slapped with annual subscription fees or recurring fees. You can file your Form 941 for under $5 and forget about us! We’ll still be here waiting when your next tax return is due!

Are There Any Changes To Form 941 For 2020? 

There aren’t many updates that you should be aware of before filing your payroll taxes in 2020. The tax rates for both Social Security and Medicare have remained the same.

  • The social security wage base limit is $137,700 for 2020 (it was $132,900 for 2019)
  • Social security and Medicare taxes apply to the wages of household workers you pay $2,200 or more in cash wages in 2020 and Social security and Medicare taxes apply to election workers who are paid $1,900 or more in cash or an equivalent form of compensation in 2020.

More information can be found on these at

As there have been many other changes for businesses lately in response to the outbreak of Covid-19, the TaxBandits team is diligently working to stay ahead of any more IRS changes that are implemented by the federal government and the IRS. As of now, there appears to be no plan for the IRS to extend or defer the deadlines for Form 941 filing. 

The TaxBandits team knows that this is a trying time for all small businesses. After all, we are a small business that serves other small businesses, so we understand. Our team of experts is here to help you with your filing process. Our goal remains to make your filing experience as easy and affordable as possible! 

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