Time-saving Q3 941 Filing Tips for Business Owners

Take the confusion out of your quarterly filing with TaxBandits!

Summer has officially passed, “pumpkin spice” everything has hit the shelves, and the third quarter is a wrap. Now that we’ve made it through another season, let’s talk about the Form 941 deadline. 

The 2022 Q3 deadline is coming up on October 31, 2022. This may seem far off, but it will be here before you know it, so why wait?

Here are some of our top tips to help you master your Form 941 this quarter! 

Be Aware of any IRS Updates to 941

It has been a whole quarter since you filed last, and if you’re a seasonal employer then it may have been even longer! There were a few changes implemented last quarter, but the good news is that there aren’t any major changes to 941 for the third quarter.

If you filed successfully last quarter, you can do it again, and TaxBandits is here to help. 

If you find yourself needing a refresher, you’ve come to the right place! 

Remember, the most notable change to Form 941 for the second quarter was the expiration of the COVID-19 tax credits, this remains in effect for the third quarter as well. The following credits can no longer be claimed for the current quarter: 

  • Refundable and nonrefundable portions of sick and family leave wages
  • The Employee Retention Credit (ERC)
  • COBRA Premium Assistance Credit

As far as worksheets go, there are still two available. Employers only need them if they are reporting credits claimed on wages in previous quarters. Here they are: 

  • Worksheet 1: Credit for Qualified Sick and Family Leave Wages Paid This Quarter of 2022 for Leave Taken After March 31, 2020, and Before April 1, 2021
  • Worksheet 2: Credit for Qualified Sick and Family Leave Wages Paid This Quarter of 2022 for Leave Taken After March 31, 2021, and Before October 1, 2021 

Let TaxBandits Simplify your 941 Filing Process for Q3

Here at TaxBandits, our team works hard to develop features that simplify your filing process, whether you are a tax professional or a small business owner. Here are a few to remember when you begin filing your Form 941 for the third quarter!

Zero-filing Feature

If you have no taxes to report for the quarter, your filing process is super simple with TaxBandits. Simply indicate that “no wages were paid” when you begin the form and you are able to skip through most of the filing process. Just review your form and transmit it to the IRS! 

Bulk Uploads

Are you a tax professional filing on behalf of multiple clients? Make sure you check out our bulk upload feature. This allows you to upload Form 941 data for multiple clients at once, so there is no need to file Form 941s one at a time. You can upload your data using our bulk upload template, then generate all of your clients’ 941s!

Prepaid Credits

At TaxBandits we love prepaid credits, for a reason, because they simplify your e-filing process and save you money! Prepaid credits never expire and can be used across multiple EINs. 

When you have a balance of prepaid credits there is no need to enter credit card information each time you transmit a form, just apply the credit. It doesn’t get easier than that!

Complete Form 941 for Q3 with TaxBandits!

Are you ready to begin your Form 941 for the third quarter, why wait? Sign in to your TaxBandits account today! 

Don’t have a TaxBandits account? Sign up for free and see all the awesome features we have to offer!

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