Form 941 Employer's Quarterly Withholding Tax Return is a tax return used to pay employment taxes. You can make your Federal Tax Deposits by going to www.eftps.com.
Depending on how much you owe in payroll taxes for your "look back period", your business will either have to make Federal Tax Deposits monthly or "semi-annually". For really small tax liabilities a business may be allowed to pay the tax with their 941 Return. Consult the IRS for more information. You will need to get Circular E for information about payroll taxes.
Monthly depositors should make their Federal Tax Deposits by the 15th of the month. This is 15 days after the end of the month that you intend to pay.
Form 941 should be filed quarterly one month after the end of the quarter. So the 1st quarter 941 return is due on April 30.
You should file 4 returns a year. There are payroll tax services that can help you with your payroll tax returns. You don't want to fall behind with your 941 taxes as the IRS can be quite aggressive when it comes to collecting these taxes. It is important for a business to remain in compliance with their filings and deposits.
Form 941 Employer's Quarterly Withholding Tax Return is a relatively simple form. It is only 2 pages for monthly depositors. Semi-weekly depositors should also complete Schedule B. It is important to make sure that you sign the return or the IRS will not process the return. Then you could rack up Late Filing Penalties.
If you are using www.eftps.com, then you will need to schedule your payment a day in advance. You will also have to open an account. You will need to provide banking information such as account numbers. They will send you a PIN so that you can Log In. Make sure that you know your EIN (Employer Identification Number). Every business that has employees should have an EIN. Use Form ss-4 to get an EIN.
PFGTAX can help you if you fall behind with your 941 taxes.
