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Printable Form 941 (Schedule B) Sioux Falls South Dakota: What You Should Know
Instructions for Complete (Revised) Schedule B (Form 941) (Rev. June 2022) on June 12, 2018. The instructions have slightly revised the previous version of Form 941, and include inaccurate information in line 7, the line 15 for “Payroll Deductions.” The instructions have also updated tax information, as indicated in the form. Use the original Form 941 to do all calculations; you can't use updated instructions and then file a new Form 941. Form 941 can also be revised multiple times before a tax year is over, so be sure to check with the IRS before filing any new forms. These final instructions should be used before you file any new Form 941. If you have an ITIN, you don't have to fill out this form, but it's very helpful for IRS processing if you do. If you have to fill out the forms, do get your ITIN number before you file. The ITIN number allows you to file online and saves time. Mistake #1: Taking a new Form 941 after February 2024 or later. The IRS has also put a three-month hold on Form 941 revisions to June 2024 or later. So, there is no additional paperwork required for filing at this time, but it's still best to file a new 941 each year, as the IRS has more time to get processed. If you are not sure whether revisions will be allowed, ask the IRS. Mistake #2: Not reporting and paying the required taxes. You should report your estimated and actual taxes. The IRS uses Schedule A and Schedule B information, which you'll report to the IRS as Schedule 15. You will also pay these taxes through line 9. If you aren't sure which of the schedules you filled out, check them out on Form 941. Also be sure to pay any late taxes on Schedule 3 or Schedule 16 on a due date of your choice, usually a weekend. If you miss a payment, you are responsible for all late taxes and interest. You'll be billed interest once a penalty of 30% of the unpaid taxes is assessed. You will also need to provide the IRS with copies of your W2 and 1099s. Mistake #3: Not claiming Form 931. If you file Form 931 for certain qualifying personal business purposes, you don't need to file the Schedule B. In most cases, you will not have to claim Schedule B.
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