Form 941 is an IRS form that is designed for an employer’s quarterly federal tax return. According to US law, employers need to report this file four times a year for federal income tax, Medicare tax, and social security tax of their employees.
The money withheld from the paychecks of employees is reported via the IRS 941 form and it may have slight upgrades and alterations every year. The IRS did not make any announcement yet about the 941 Form 2023 but there will be no major differences compared to previous forms.
It is worth noting that employers also pay their Medicare tax and social security tax with his form too.
When Do You Need to Form 941 Form?
Once you filed your first Form 941, then you need to keep filing it every quarter. This form still must be filed even if you do not have any payroll taxes that you can report. In other words, you need to file Form 941 once every three months. Although the due dates for reporting may vary, in general, these dates are:
- January 31 (for the previous year)
- April 30
- July 31
- October 31
In addition to this, the due date for paying taxes may vary as well. However, in general, they are relatively the same as the previous year. So, you can check the last year to have an idea to learn the date you need to pay your taxes or estimate your future payment dates by considering this year’s payment dates.
How Do You File Form 941?
The IRS accepts forms online or by mail. If you are going to mail your form, then make sure that you mail it to the right address since this may vary depending on the location of your business. In addition to this, you need to make sure that the form will arrive at the IRS on time to avoid any penalties or interest.
Another method you can prefer is filing your form electronically. You can use EFTPS, which is a government service to make your payments online after you file your form through E-File.