What is a 941 Tax Return?

If you pay yourself wages or an employee wages, you are required to complete and file Form 941 with the Internal Revenue Service.  So, what is Form 941?  The article and video below have been prepared by a tax attorney at The McGuire Law Firm to provide information regarding this form.

Form 941 is an Employer’s Quarterly Federal Tax Return.  As the title would indicate, the return is filed quarterly, and the return states gross wages paid, federal income tax withheld, social security & Medicare tax withheld, federal tax deposits made and other information.  Form 941 is due on or before the following days for the applicable quarter:

-1st Quarter (January through March) due on or before April 30th

-2nd Quarter (April through June) due on or before July 31st

-3rd Quarter (July through September) due on or before October 31st

-4th Quarter (October through December) due on or before January 31st (following year)

An important issue related to the Form 941 is federal tax deposits.  These deposits are how the business or employer pays in the withholding taxes to the IRS.  An employer can deposit these taxes on line through the EFTPS, mail payment or through other means.  The important question is, how often or when do I need to make these Federal Tax Deposits?  The frequency depends upon the employer’s payroll liabilities and could be with every payroll, monthly (on or before the 15th) or with the filing of the 941 tax return.

If you have questions regarding your 941 requirements or other tax issues, please contact The McGuire Law Firm to speak with a tax attorney in Denver.  A tax attorney can assist you with tax and business matters.