What Is The Difference Between Form 941 and Form 944?

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The deadline for quarterly payroll tax forms is approaching on January 31, 2025, so let’s review Form 941. There is also an annual payroll tax form, the Form 944. Some businesses experience confusion when figuring out which of these forms apply to their business. Let’s take the guesswork out of this by comparing these forms…

What is Form 941?

The Form 941 is also referred to as the Employer’s Quarterly Tax Return. This Form is used to report employment taxes to the IRS. 

This form reports the taxes that employers withheld from their employees’ taxes. These include income taxes, social security taxes, and Medicare taxes.  

Who Needs to File Form 941?

All businesses that have employees must file form 941. There are, however, a few exceptions. Individuals who employ household workers, employers in the agriculture industry, and businesses with a minimal amount in tax liability. 

What are the 941 Filing Deadlines?

The Form 941 is a quarterly form that must be filed throughout the tax year. Here are the 941 due dates for each quarter…

• January 31
• April 30
• July 31
• October 31

*If one of these dates falls on a national holiday or weekend, you will file on the next business day.

What is Schedule B (Form 941)?

There are two different types of filers, monthly depositors and semiweekly depositors. Your deposit schedule is based on the amount that your business withholds in employment taxes during the tax year. Businesses that report more than $50,000 in employment taxes are required to attach Form 941 Schedule B along with Form 941.

What is Form 944?

Form 944 also reports payroll taxes, however, this form is an annual form rather than a quarterly form. The deadline to file Form 944 is January 31.

Who Needs To File Form 944?

This form is designed specifically for very small businesses with a tax liability of $1,000 or less. This means that throughout the tax year, they withhold less than $1,000 in income taxes, medicare taxes, and Social Security taxes. 

Employers can request to file Forms 941, 941-PR, or 941-SS instead of the Form 944.

Employers required to file Form 944, who want to file Forms 941, 941-SS, or 941-PR instead, must contact the IRS and request to file quarterly Forms 941, 941-SS, or 941-PR and opt out of filing Form 944. See What if You Want To File Forms 941, 941-SS, or 941-PR Instead of Form 944, later.

Click here, to get more detailed information about Form 941 vs 944.

TaxBandits Provides A Solution For Both Of These Forms!

Whether you are a small employer filing a Form 944 annually or a larger business that requires a Form 941 and 941 Schedule B, the TaxBandits team has a solution that is right for you! As we are an IRS Authorized E-file Provider, we can transmit your forms directly to the IRS. You can file your forms starting at less than $5.95 per form. Our filing process is quick and easy and our pricing won’t break the bank.

How To E-file with TaxBandits

E-filing with the TaxBandits software is always simple and easy to navigate! Just follow these steps…

• Create a Free TaxBandits account
• Select the form that you would like to file
• Enter your basic business information
• Enter your employment information
  • Employee count
  • Taxes withheld
  • Tax deposit information
• E-sign and review your Form 
• Transmit to the IRS

There you have it, TaxBandits provides an easy and simple way to file your forms and move along with your day. We know that you are busy running your business, that’s your passion. Our passion is helping your business stay IRS-compliant! Get started today!