Time’s Almost Up: File Your Q3 2024 Form 941 Before Time Runs Out —Deadline in 2 Days
The deadline for filing Form 941 for the third quarter is just 2 days away! It’s important to file on time, as failing to do so could lead to some unexpected penalties. If you haven’t filed your Form 941 for Q3 2024 yet, don’t worry—TaxBandits is here to support you every step of the way!
At TaxBandits, we offer fantastic time-saving features to make your 941 filing easier and more efficient!
IRS Form 941 – An Overview
Form 941 is the quarterly tax form employers use to report federal income tax, Social Security, and Medicare taxes. Employers are responsible for withholding these taxes from their employee’s paychecks and reporting them to the IRS. This form includes both the employee’s and employer’s portions of FICA taxes.
Information Required to File Form 941
Before filing Form 941, ensure you have gathered all the required information to file Form 941 accurately.
Business Information
- Business name
- EIN
- Address
- Reporting Quarter Details
Employment Information
- Total number of employees
- Wages, tips, and other compensation
- Federal income tax withheld
- Both employer and employee share of Social Security and Medicare taxes
- Additional Medicare taxes withheld from employees
- Deposit schedule Information
Costly Consequences of Form 941 Penalties
Employers that don’t file Form 941 or fail to file Form 941 on time might face significant penalties. These penalties might vary based on how much you delay.
Penalties for late filing
Neglecting to file Form 941 results in a 5% penalty on the total tax owed. If the delay persists, an extra 5% penalty will be added for each month the return is not filed, up to five months. If you still don’t file after five months, interest will be charged on the total penalty amount accumulated.
Penalties for late payment
If you do not pay your taxes on time, additional penalties may apply.
- Failure to deposit – The penalty for late deposits increases based on the delay. The following rates apply:
- More than 5 calendar days late: 2% of the unpaid tax
- 6 to 15 calendar days late: 5% of the unpaid tax
- More than 15 calendar days late: 10% of the unpaid tax
- After an IRS notice or letter (more than 10 calendar days): 15% of the unpaid tax
- Failure to pay – If you fail to pay the taxes owed, you will incur late payment penalties, which range from 0.25% to 0.5%, depending on the length of the delay.
Pay Your 941 Balance Seamlessly Online with TaxBandits
You can easily pay your IRS balance due using multiple payment options with TaxBandits. Here are the multiple payment options to pay your balance due.
- Credit/Debit card – You can easily make credit or debit card payments from your TaxBandits account after the IRS accepts your tax returns.
- EFTPS – Make your 941 payments using the EFTPS payment method offered by TaxBandits.
- EFW – You can use Electronic Funds Withdrawal (EFW) if your balance due is less than $2,500.
- Check or money order- To choose a check or money order, you must download and print the payment voucher 941-V along with Form 941.
How to E-file Form 941 with TaxBandits
Choosing the e-filing option is the easiest way to submit your 941 returns to the IRS, even at the last minute. TaxBandits simplifies the filing process to make it more efficient. In addition, our software now supports EFTPS payments, enabling you to make your 941 tax payments directly from your TaxBandits account.
Here are the steps to file Form 941 with TaxBandits:
Step 1: Create a TaxBanits account
Step 2: Click ‘Start New Form’ and complete all the required information
Step 3: Review the information carefully
Step 4: Choose your preferred method to pay your balance due and sign the form
Note: TaxBandits supports tax payments via credit card and EFTPS.
Step 5: Transmit the return to the IRS
For this Q3 filing season, TaxBandits has come up with new features to save time and reduce tax burdens. Take advantage of our exclusive features, which include multi e-sign, 941-X e-filing, copy return, zero reporting, balance due, bulk upload, and more. Utilize these features and file your tax returns effortlessly with TaxBandits.
You still have enough time to file Form 941 online. E-file today with TaxBandits and meet your deadline with confidence!
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