Tax Form 941

Should your Business File a Tax 941 Form?

Every business owner is required to submit a completed IRS Tax Form 941 especially if you withheld social security, federal and Medicare taxes from any of your workers’ paychecks.

Employers and businesses are required to file their Form 941 for each quarter of the year- that is due on or before the last day of the following month. January 31st, April 30th, July 31st and October 31st.

Form 941 is among the federal tax payroll files that is used in reporting to the IRS (Internal Revenue Service) with regards to your company’s number of workers, total wages and the total payroll taxes/withholding that were paid in that same quarter. Here are easy instructions on how to fill-out form 941.

In order for you to file the form, you’ll need the following things:

  • A copy of Tax form 941 and its instruction package. You can download tax form 941 from the Internal Revenue Services’ official website at www.irs.gov. As soon as you’ve downloaded your own electronic copy, print out the form and the instruction package.
  • You would also need your EIN or Employer Identification Number. Check this important number twice, thrice or several times. Providing an incorrect Federal Tax ID number could lead to the IRS imposing a penalty on your business.
  • Have your payroll reports in hand and ready.

Since this business form is expected every quarter, note these important dates on your business calendar:

Months                                Quarter Ending     Due Date Is On

Jan-Mar                                 March 31st                 April 30th

Apr-Jun                                 June 30th                   July 31st

Jul-Sep                                  September 30th        October 31st

Oct-Dec                                 December 31st           January 31st

Now it’s time for you to fill out tax form 941 itself. Make sure you have the instruction guide at hand. It is expected that you fill out this form off-line or on-line (then print it) and submit it the regional IRS office near you.

Note: We have attempted to assist you in completing tax form 941 quarterly tax return by breaking it into a line-by-line set of instructions. Those sections appear on the left column of this blog.

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