The 941 payment voucher is an easy form to understand. Users must submit Form 941-V if they are making a payment alongside Form 941. The IRS then uses the completed voucher to credit the payment accurately and promptly. If you have withheld federal income taxes, you must pay those amounts, including your business’s required payments, to the IRS. Most business owners who pay employees will need to submit this voucher, which makes it a very common form.
Avoiding a Penalty with the 941 Payment Voucher
Incorrectly submitting a 941 payment voucher can result in hefty fees. To avoid getting penalized, you’ll need to follow the guidelines for knowing whether to file. The information is found on the voucher itself, but we’ve included it below for your convenience. Make a 941 payment with the voucher only if:
- Your total taxes after adjustments and credits, or the figure found on line 12 of form 941, for either the current quarter or the preceding quarter are less than $2,500, you did not incur a $100,000 next-day deposit obligation during the current quarter, and you’re paying in full with a timely filed return; or,
- You are a monthly schedule depositor making a payment in accordance with the Accuracy of Deposits Rule. In this case, the amount of your payment may be $2,500 or more.
In all other cases, you will need to make deposits by electronic funds transfer.
More About the 941 Payment Voucher
Filling out the voucher is itself a simple task. All you or your preparer will need to do is indicate the tax quarter, include the dollar amount of your payment, and enter personal information. It should take only a few minutes. However, if you’re filling out form 941-V, it means you’ve completed form 941, withheld income tax from employee, and have a payroll system. The easiest way to file, report, and pay various tax and wage amounts is to consolidate your payroll system with your tax and accounting software. This is exactly the service Advanced Micro Solutions can provide.
AMS has accounting software tools for small businesses. Whether you’re looking for a more streamlined payroll system, a solution to form 941 filing troubles, or a more cohesive accounting experience, we have what you need.
Streamline Your Accounting with AMS
Nobody really has trouble when it comes to the 941 payment voucher. For most people, the hard part comes before, when calculating payroll taxes, filling out and filing form 941, and getting accounting processes done on time. The best solution to this problem is to put all of your accounting and payroll tools into one software suite.
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Our modular software tools ensure that business owners can utilize payroll data for quarterly and annual filing with ease. AMS Payroll ($129), one of our most popular software tools, allows users to automatically calculate a range of payroll taxes, then electronically file form 941 with all relevant information. What’s more, users can fill out payment vouchers with the software, making AMS an easy, one-stop solution to a variety of withholding tax problems. With us, you’ll save, time, money, and a lot of stress.