There are many things you should know when running a successful business. IRS Form 941 2018 is one of them! The upcoming deadline for your first quarter 941 tax filing is Monday, April 30th so to help you prepare here is what you should know about IRS Form 941 2018.
What You Should Know About IRS Form 941 2018
Overview of 941 Form 2018
IRS Form 941, Employer’s Quarterly Tax Return, is used to report employment taxes. Business owners with employees are required to file IRS Form 941 2018 quarterly. Employers filing IRS Form 941 2018 are responsible for withholding federal income tax, social security tax, and Medicare tax from each of their employee’s salary or wage. The IRS Form 941 for 2018 is also used to calculate the employer’s portion of Social Security and Medicare tax.
Who is Required To File IRS 941 Form For 2018?
Businesses that pay compensation and wages to their employees are required to quarterly file an IRS Form 941. This must be done on a continual basis, even if the business has no employees during select quarters. The only exception to this requirement is seasonal and agricultural employers who are not required to file each quarter.
Deadlines For 941 Form For 2018
The 941 Form 2018 is filed quarterly (four times a year) with the first quarter covering the months of January, February, and March.
The quarterly filing deadline dates for IRS Form 941 2018 filings are as follows:
- First Quarter (January – March): April 30, 2018
- Second Quarter (April – June): July 31, 2018
- Third Quarter (July – September): October 31, 2018
- Fourth Quarter (October – December): January 31, 2019
What Information is Needed To File?
When it comes to filing a 941 tax filing there are only two major categories of information that are needed in order to file:
- Name, EIN, and Address
- Employee Count
- Medicare Tax and Social Security
- Deposit Made to the IRS
- Tax Liability (Monthly/Semiweekly)
- Signing Authority Information
- Online Signature PIN or Form 8453-EMP
Late Filing Penalties
Filing your 941 Form 2018 late, or not filing at all, will result in some costly penalties which you will want to definitely avoid as a small business owner. If you fail-to-file you will be charged a 5% penalty on the return for each month that it is late. This penalty will cap at 25%.
You will also be heavily penalized for making a late payment or nor paying the full amount which is due. This charge can range from 2-15% of the unpaid tax but depends on the number of days which it remains unpaid.
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