Your Ultimate Form 941 How-To Guide


The big January 31st deadlines are coming up and we know that you have a lot on your plate. Finishing up and filing your W-2’s and 1099’s is probably a huge priority for your business right now, but don’t forget that your Form 941 deadline is coming up on January 31st as well. Did you know that TaxBandits supports these forms? 

Not only do we support them, we make them quick and easy for you. Here at TaxBandits we LOVE talking about tax forms, so we created this how-to guide to answer the many questions we get during the busy month of January!

What is Form 941?

This Form 941 is an employer’s quarterly federal tax return. This form fulfills your business’ obligation to report the withholding of income tax, social security, and medicare taxes. It is filed with the IRS on a quarterly basis and the next deadline is right around the corner on January 31, 2020

Who Must File Form 941?

If you pay wages subject to income tax withholding or social security and Medicare taxes, you must file Form 941 for every quarter.

What Are The Variations of Form 941?

There are a few variations of the Form 941, here’s what you need to know…

  • Form 941 – Regular Form
  • Form 941-PR – for Puerto Rico
  • Form 941-SS – for Samoa, Guam, and the Commonwealth of the Marina Islands.
  • Form 941 Schedule R – for all 3504 reporting agents and CPEO’s

What Information Do I Need To File Form 941?

Before you begin filing your 941, there is some important information that you should have with you….

  • Employer details 
    • Address, EIN, Legal Name
  • Number of employees
  • Wages that you paid your employees
  • The tips that your employees reported
  • The amount of federal income tax that you withheld from your employees
  • Both the Employer and Employee share of Social security and Medicare taxes
  • Additional Medicare tax withheld from employees.
  • Total deposits made for the quarter
  • Qualified small business payroll tax credit information, if this applies to you

What Are The Deadlines To File Form 941?

Form 941 deadlines

There are four key deadlines to mark on your calendar…

Here is the deadline that you need to mark..and circle…and maybe add a few exclamation points for good measure!

Friday, January 31 2020

The other three that you need to remember, even though they are much further away are…

  • April 30, 2020
  • July 31, 2020
  • October 31, 2020
  • January 31, 2021

If you made timely deposits in full payment of your taxes for the quarter, you may file by the 10th day of the second month that follows the end of the quarter.

For example, you may file Form 941 by May 10 if you made timely deposits in full payment of your taxes for the first quarter.

How Do I File My Form 941 With TaxBandits?

You can file your Form 941 in about five minutes with TaxBandits. There are five steps to getting the job done.

  1. Create a free TaxBandits account, if you have one then sign in!
  2. Select the tax year and quarter that you want to file for.
  3. Enter the required information with our interview style process.
  4. Review Your Form.
  5. Transmit to the IRS.

Why TaxBandits Is Awesome

If our easy, interview style filing process isn’t enough, there are a lot of other great perks when you file with TaxBandits! 

When you begin filing your Form 941, simply select that you are a semi-weekly reporter. Our software will automatically prompt you to answer schedule B.

Have you heard of the Online Signature Pin? The IRS requires this when you file your 941, they want to be sure that the authorized party is the one that is filing the form. If you don’t have one, that’s ok! 

You have two options with TaxBandits. We support form Form 8453-EMP, this allows you to e-sign instantly when you are filing your 941. TaxBandits also allows you to apply for an Online Signature Pin for FREE!

Are you wondering if it is possible for you to claim the payroll Tax Credit for Increasing Research Activities when you file with TaxBandits? Yes! TaxBandits will help you claim R&D tax credit for your research expenses in a few simple steps. 

We will auto-populate the required information for Form 8974 when you e-file Form 941 through TaxBandits. Once you review both forms, you can transmit the return directly to the IRS. You can file for less than $4.95. Create a free account at www.TaxBandits.com and get started today!

Ask The Bandits…

Here are some great questions that our clients have been asking us lately.

How do I know when the IRS has accepted my forms?

When the IRS accepts your forms, you will receive an automated email from TaxBandits letting you know the status of your filing. You can also log into your TaxBandits account at any time to check the status of your filing. 

Can I file my Form 940 with TaxBandits as well?

Yes! TaxBandits supports other federal payroll forms including Form 940, Form 940 Schedule R, Form 944, and Form 945.

For even more information, check out this TaxBandits webinar…


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