Overview
There’s no room for guesswork or delays when it comes to making federal tax deposits. Employers/ 941 fillers usually have to follow a monthly or semi-weekly deposit schedule based on the previous 941 form. You can choose a suitable payment method to pay federal tax deposits- EFTPS, Direct Pay, Wire transfer, and money order. Among these, the Electronic Federal Tax Payment System or EFTPS is the most common method for obvious reasons. In this blog, we will discuss EFTPS in detail and equip you with the knowledge and confidence to make an informed decision.
Form 941 Payment Method- EFTPS
The advent of electronic Federal Tax payments for Form 941 has revolutionized the way taxes are paid. While users of EFTPS must first enroll before making payments, the enrollment process through the IRS can take several days. However, with Tax1099 Electronic Federal Tax Payment, service, you can complete your enrollment process in minutes. The platform not only ensures accuracy through electronic payments but also consolidates the tax management process, offering features such as tracking, historical data access spanning up to 16 months, and the flexibility to make payments for multiple clients under a single login. With the user-friendly platform, taxpayers can conveniently make 24/7 tax payments from the comfort of their homes or offices, eliminating the need for tedious queues and restrictive office hours. Additionally, users can plan by scheduling tax payments up to a year in advance.
What makes EFTPS the best method for making 941 payments?
Tax1099’s EFTPS service is quick, easy, smart way to get your taxes where you want them to be — Done!
- Convenient– Just hit Send! It’s that easy. Make payments online 24/7 from the comfort of your home, office or on the go. This eliminates the need to visit bank or mail a check.
- Accurate– EFTPS gives you immediate confirmation of your payment and lets you review your payment history for up to 15 months, so you can catch any mistakes early.
- Secure – Safeguarding your financial data is paramount. EFTPS payment method offers robust encryption protocols, and multi-factor authentication to protect the sensitive information.
Form 941 Due date for Depositing Taxes using EFTPS
The due date for form 941 for depositing taxes using EFTPS depends upon the total liability. The deposit schedule may be monthly or semiweekly.
- Monthly Deposit Schedule: You are on a monthly deposit schedule if the total taxes on Form 941, line 12((total taxes after adjustments and credits) for the four quarters in your lookback period were $50,000 or less.
- Semiweekly Deposit Schedule: You are on a semiweekly deposit schedule if the total taxes on Form 941, line 12((total taxes after adjustments and credits) for the four quarters in your lookback period were more than $50,000.
- Next-Day Deposit Schedule: Suppose you accumulate $100,000 or more in taxes on any day during a monthly or semiweekly deposit period. In that case, you must deposit the next business day, in spite of whether you are a monthly or semiweekly schedule depositor.
| Deposit Schedule | Tax Deposit Due Date |
|---|---|
| Monthly | The 15th day of the month following the month when you paid wages. |
| Semiweekly |
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. |
Note: The deposit is due the next business day if the due date falls on a Saturday, Sunday, or federal legal holiday.
Pay Federal Tax Deposits for Form 941 with Tax1099’s EFTPS Service
Ready to make your federal tax deposits for Form 941? Follow these steps:
- Create your free Tax1099 account if you haven’t already.
- Click ‘EFTPS’ option on dashboard and enroll yourself.
- Select the tax form you need to make payments for. In this case, select Form 941 and enter the details. Verify the details.
- Add the banking details and make your payment via direct debit to pay directly to the IRS.
- Receive your payment confirmation through email.
