As we enjoy (or despise) the hot summer weather, wondering “when are quarterly tax payments due?” is probably the furthest thing from your mind. Unfortunately, there’s an important tax deadline staring employers in the face: business owners and employers must submit IRS Form 941 and quarterly tax payments for the second-quarter tax filing deadline on July 31.
We don’t have time to waste, so today we will learn how to quickly handle your 941 quarterly report using our sister product TaxBandits, an IRS-authorized e-filer.
How To Handle Your 941 Quarterly Report
First things first, it’s kinda hard to handle a 941 quarterly report without knowing much about the Form 941 federal tax return. Here’s an overview to bring you up to speed.
Form 941, Employer’s Quarterly Tax Return, is used to report employment taxes. Owners and operators of a business with employees must file IRS Form 941 quarterly.
Responsible for withholding federal income tax, social security tax, and Medicare tax from each of your employee’s salary, Form 941 assists employers with calculating the employer’s portion of Social Security and Medicare tax.
Information You Need To Look For
Filing your 941 quarterly report is super easy when you have all of the information organized and easily accessible. As the employer, you will need to provide your name, EIN, and address. The following details also need to be provided:
- 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
Knock Out Your Quarterly Tax Payments: E-File Form 941
The days of spending hours paper filing a 941 quarterly report are a thing of the past. Filing your business’ federal tax return online using TaxBandits is the way to go! You can maintain IRS compliance and keep track of quarterly taxes with one account. Sign up for your FREE account today and file your 941 quarterly report before it is too late.