How to File a Business 941 Form

by Contributor - Updated September 26, 2017
Businessmen Working in Office

IRS Form 941 is used to report an employer's quarterly taxes. If you are an employer and withhold federal, Medicare and social security taxes from your employees' paychecks, you are most likely required to file Form 941. You can send in a paper copy of this form each quarter or apply to file electronically.

Submit Paper Copies of Business Form 941

Visit the Internal Revenue Service's (IRS) website to print out Form 941 and its instruction booklet (see Resources below).

Mark your calendar with the dates that Form 941 is due each quarter. Reports reflecting taxes paid for the first quarter are due on April 30 and on July 31 for the second quarter. Third quarter reports are due on October 31 and the fourth quarter must be submitted by January 31.

Make sure your Employer Identification Number (EIN) is entered correctly on your form. Processing of your form can be delayed if your EIN is incorrect.

Enter adjustments that must be made for the taxes paid on sick pay and insurance on line 7.

Read the line-by-line directions to see whether your company qualifies for any "special additions" or credits due to overpayment of taxes. These subjects are covered in lines 8 and 9.

Determine whether or not you need to make a quarterly tax deposit. If you owe less than $2,500 for the quarter, you do not need to pay until you file a return at the end of the year. If you owe more than that amount, you will need to fill out Form 8109 to deposit your taxes with a federal depository.

Consult the instruction booklet for Form 941 to know where to send your completed report based on the state where your business is located. The IRS has several regional offices serving different parts of the country.

Gather payroll information regarding the number of employees who receive a paycheck from your company and the total wages, tips and other compensation that are subject to federal, Medicare and social security taxes. You will enter this information on lines 1 to 6 on Form 941.

Apply to File Form 941 Electronically

Apply to use the IRS e-file program to transmit your quarterly 941 reports electronically. You can access the application package from the IRS website (see Resources below).

Adhere to the due dates regarding the application to file Form 941 online. To be able to use the e-file program for the first quarter ending March 31, you must have applied before December 15. Application due dates for the second, third and fourth quarters are March 15, June 15 and September 15 respectively.

Keep the PIN number you are assigned in a safe place. This number, assigned only to you, is used as an electronic signature for Form 941.

Tips

  • If you're the owner of a seasonal business or a household employer, you may not need to file quarterly reports with Form 941. The instructions for this form provide more information about the types of businesses that may be exempt from this filing.

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