Only 3 Business Days left to File Form 941 for Q2, 2024. E-File Now!

Form 941 Due Dates 2024

Updated on July 23, 2024 by

Written by Stephanie Glanville

Stephanie Glanville is the Marketing Manager of TaxBandits. She has several years of experience with IRS tax forms and the funtionality of TaxBandits. With a passion to help business owners better understand their IRS tax forms and filing, she aims to create content that is valuable and informative.

Form 941 is due by the last day of the month following the end of the quarter. If all the taxes are deposited timely and in full, the 941 due date will be extended till the 10th of the second month of the quarter's end.

If the 941 due date falls on a weekend or legal holiday, then the next business day will be the filing deadline for
your return

Employers are responsible for filing Form 941, Quarterly Federal Tax Return to report withholding, Social Security and Medicare (FICA) taxes before the deadline to avoid penalties. Form 941 must be filed even if you have no taxes to report in 941 zero reporting, except for seasonal employers and those who are filing their final returns.

Deadlines for IRS Form 941 for the 2024 Tax Year

When is the deadline to File Form 941 for the 2024 tax year?
Form 941 Tax Deposit Due Dates
How to file Form 941 for 2024?
How to avoid Form 941 Late Filing Penalties?
What are the changes to Form 941 for 2024?
E-file Form 941 in minutes with TaxBandits

1. When is the deadline to File Form 941 for the 2024 tax year?

The deadline to file Form 941 for 2024 will be the end of the month following the close of the quarter:

Quarter	Reporting Period	941 Due Date
Quarter 1	Jan, Feb, and Mar	April 30, 2024
Quarter 2	Apr, May, and Jun	July 31, 2024 E-File Now
Quarter 3	Jul, Aug, and Sep	October 31, 2024
Quarter 4	Oct, Nov, and Dec	January 31, 2025

Note: If your taxes have been deposited on time and in full, the deadline is extended to the 10th day of the second month following the end of the quarter. E-file Form 941 Now

For example, you must generally report wages you pay during the first quarter - which is January through March - by April 30. If you made timely deposits in full payment of your taxes for the quarter, you may file by the 10th day of the second month that follows the end of the quarter.

For example, you may file Form 941 online by May 10 if you made timely deposits in full payment of your taxes for the first quarter.

2. Form 941 Tax Deposit Due Dates

There are two deposit schedules for taxes reported on Form 941: monthly and semiweekly. Employers are required to determine your deposit schedule before the beginning of the calendar year. This is determined by the total tax liability reported during the specified lookback period.

Monthly depositor

If you are a monthly depositor, you must deposit taxes for a given month by the 15th day of the following month.
For example:

If you pay employees on April 30, you must deposit payroll taxes by May 15.
If you pay employees on May 1 for work done in April, you must deposit payroll taxes by June 15.

Semi-Weekly depositor

If you follow the semiweekly deposit schedule, your deposit due date depends on the day of the week you pay
your employees:

If you pay wages on Wednesday, Thursday, or Friday, you must deposit taxes by the following Wednesday.
If you pay wages on Saturday, Sunday, Monday, or Tuesday, you must deposit taxes by the following Friday.

If you are a semiweekly schedule depositor, you are required to attach 941 Schedule B along with Form 941.

Next-day deposit rule

If you accumulate $100,000 or more in taxes on any day during a monthly or semiweekly deposit period, you must deposit the tax by the next business day.

Quick Info:

According to the IRS, the lookback period is the time duration used to determine an employer’s tax liability. For example, the lookback period for the year 2024 is from July 1, 2023, to June 30, 2023.

3. How to file Form 941 for 2024?

You can file form 941 by electronically or paper:

IRS recommends e-filing of Tax Form 941 for quick processing

If you choose electronic filing,

Choose the right authorized e-file provider to easily complete the form. E-file your form 941 and get instant filing status and updates from the IRS.

TaxBandits is an IRS authorized e-file provider of Tax Form 941, we provide an easy-to-use platform to file your 941 with the IRS. You can complete your filing in less than 5 minutes and the cost to file your return with the IRS is
only $5.95.

Get your Information ready before the deadline!

Use our Free Payroll Tax Calculator to get the required Information that is to be reported on Form 941. The calculator results include Federal Income Tax (As per Employee W-4 Information), Social Security, and Medicare taxes.

Calculate Now

Visit https://www.taxbandits.com/payroll-forms/e-file-form-941-online/ to learn more about how to efile
form 941 online?

If you choose to paper filing,

Returns sent by mail must be addressed correctly, have sufficient postage, and be postmarked by the U.S. Postal Service on (or before) the deadline. See the previous section for deadline information. Send returns via the U.S. Postal Service to one of these addresses, https://www.irs.gov/filing/where-to-file-your-taxes-for-form-941.

Visit www.taxbandits.com/form-941/941-mailing-address/ to learn more about the 941 mailing addresses.

4. How to avoid Form 941 Late Filing Penalties?

You can avoid penalties and interest if you do all of the following:

Deposit or pay your taxes on or before the deadline, using EFTPS.
File your fully completed Form 941 on time.
Report your tax liability accurately.
Submit valid checks for tax payments.
Furnish accurate Form W2 to your employees.
File Form W3 & Copies A of Form W2 with the SSA on time & accurately.

5. What are the changes to Form 941 for 2024?

There are minor changes in Form 941 for the 2024 tax year.

The social security wage base limit has been increased from $160,200 to $168,600.
Social Security and Medicare taxes apply to the wages of household workers who are paid $2,700 or more in 2024.
Election workers who receive $2,300 or more in cash or its equivalent form of compensation are subject to Social Security and Medicare taxes in 2024.
Businesses can no longer claim COVID-19-related credits for qualified sick and family leave wages on Form 941.
Certain lines has been removed from Form 941 for 2024 tax year.

To learn more about form 941 changes for the 2024 tax year, click here.

6. E-file Form 941 in minutes with TaxBandits

With TaxBandits you can e-file Form 941 with automatic tax calculations, error checks using the IRS Business Rules, built-in worksheets, 941 Schedule B, and 8453 EMP. Complete and transmit accurate forms in minutes by following three simple steps!

Step 1: Create a free TaxBandits account!
Step 2: Choose "Form 941" and enter the details.
Step 3: Review and Transmit to the IRS.

Article Sources:

About the Author

Stephanie Glanville is the Marketing Manager of TaxBandits. She has several years of experience with IRS tax forms and the funtionality of TaxBandits. With a passion to help business owners better understand their IRS tax forms and filing, she aims to create content that is valuable and informative.