How to File a Quarterly Federal Tax Return

As an employer or business owner, you realize that there are certain reporting forms and obligations that you must fill out. One such form is your quarterly federal tax return. Your business will either be able to file a quarterly federal tax return, Form 941, or an annual federal tax return, Form 944, but in most cases, you will want to file the quarterly return. Essentially, the federal government breaks the year up into four quarters of 3 months apiece with regard to the financial reporting calendar. January through March is the first quarter; April through June is the second quarter and so on. Reporting and paying taxes in this manner makes it easier for both the business and the government to keep track of what has been paid and what is owed. Filing a quarterly federal tax return is a pretty painless process and can be done quickly and easily with a little bit of preparation.

Things You'll Need

• Sales, tax and payroll records for a single quarter
• Calculator
• Form 941
• Form 941-V payment voucher

Instructions

1. Print out Form 941 and read the instructions carefully before beginning to fill out the form. Fill in the company information such as your Employer Identification Number, what quarter it is that you are filing for and the contact information for the company.

2. Begin filling in the information for the questions to which you know the answers in "Part 1" of the form. All of the specific financial information that the form asks for should be readily available in your payroll records, which were either prepared by yourself or your bookkeeper.

3. Add up the total taxes due based on the calculations you made on the worksheet and then subtract any overpayment from previous quarters. This is your total tax liability for the quarter. Move on to "Part 2" of the form and verify whether you are a "monthly schedule depositor," which most businesses are, or a "weekly schedule depositor." These are terms that describe your cash deposits from operating the business and are based either on a monthly or semiweekly deposit. If you made deposits semiweekly, you will also need to follow the directions and attach Schedule B for Form 941 to your Form 941 filing.

4. Complete "Part 3" and "Part 4" of the 941 tax form based on your general business description, and then sign the form. Write a check for the amount you owe, and fill out the Form 941-V payment voucher to file with the IRS form. Put the forms and check in a security envelope, and mail to the appropriate address based on the chart in the link under Resources.

Tips & Warnings

• Filing quarterly federal tax forms is not difficult, but it may be best to seek the advice of a certified tax professional to make sure you file correctly and on time.

Resources

• IRS: Tax Form 941
• Where to File Your Taxes