From the course: Business Tax Foundations

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Filing 941 interim payment reports

Filing 941 interim payment reports

From the course: Business Tax Foundations

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Filing 941 interim payment reports

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- [Instructor] Once you have your EFTPS registration completed and you have your EIN number, one of the first taxes you're going to face is your 941s. A form 941 is really just a form used by the government to keep track of payroll taxes. That's FICA and income taxes, and this includes both taxes paid by you and by your employees. For most firms, you're going to need to make 941 deposits every two weeks. Those deposits can throw off monthly PNL reporting, so they are a pain, but at least the process for making the deposits is not too time consuming once you get used to it. Let me show you how that works. So I'm here at the EFTPS dashboard, and I'm going to make a payment. Now I'm going to log in to my EFTPS account in order to make a payment. So once I've put in my EIN number, my PIN, which is assigned to me when I complete EFTPS registration, and my password, I'll be ready to go. You should make sure that you write down your PIN number for EFTPS. If you don't, you're going to have to…

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