If you have Employee's you need to file a 941 Employer Quarterly Tax Return

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Do you own a business and consider yourself to be an Employer (someone with employees), well that means you need to file a 941 Quarterly Tax Return. This means filing even if you have no taxes to report (unless you are a seasonal employer or filing a return). One of the requirements for the 941 is filing a report every three months. The dates for filing these forms are as follows:

First Quarter: January, February, March: Quarter ending March 31st, return due by April 30th.
Second Quarter: April, May, June: Quarter ending June 30th, return due by July 31st.
Third Quarter: July, August, September: Quarter ending September 30th, return due by October 31st.
Fourth Quarter: October, November, December: Quarter ending December 31st, return due by January 31st.

As an Employer, you use the 941 form is used to report:
1. Paid wages
2. Tips any of your employees have received.
3. Federal Income Tax withheld by you.
4. Shares of Social Security and Medicare from both the employee and employer
5. Advance Earned Income Credit if any.

Once you have filed your first form it is your responsibility to file quarterly after that. No exceptions unless you are filing your final 941 tax return or are eligible for one of the following exemptions listed below.

1. Seasonal Employers
2. Household Employees
3. Farm Employees

As an employer the Federal law requires you to withhold taxes from your employee’s paychecks each time they are paid. You are responsible for withholding the federal income tax, social security, and also their Medicare. These taxes will then be credited to your employees in payment of their tax liabilities. You are also responsible for paying any liability of the employer’s part of social security and Medicare.

Make sure you keep up on the filing of your Quarterly Tax Returns in order to avoid any penalties.

In order to make things as easy as possible, business owners can now file electronically. Whether you prepare your taxes yourself or rely on a professional, e-file services are available to you. You can also set up an automatic payment schedule with the IRS in order to avoid any penalties. It also helps to take the hassle out of trying to remember when your payments are due.

If you have any questions regarding filing your, you can always access the Internal Revenue online website, which has a complete list of answers to your questions.

Copyright 2007-2009 Jim Sterling - All Rights Reserved

I hope that any questions you may have had have now been answered.

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