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Form 941 and Form 1040-ES: quarterly tax filing explained
Executive overview
Two federal tax forms must be filed four times a year: Form 941 (employer's quarterly federal tax return) and Form 1040-ES (estimated tax for the self-employed). Employers use 941 to report withheld taxes; self-employed individuals use 1040-ES to pre-pay tax on income not subject to withholding.
Missing deadlines or underpaying triggers IRS penalties.
Who must file each form
- Form 941: any business that pays employees
- Form 1040-ES: sole proprietors, independent contractors, LLC members, anyone with untaxed income
- Employees whose employers withhold taxes do not file 1040-ES
- Income types requiring estimated tax: self-employment, freelance, dividends, capital gains, interest, alimony, prizes
2023 filing deadlines
- Form 1040-ES: Apr 18 (Q1) · Jun 15 (Q2) · Sep 15 (Q3) · Jan 15 2024 (Q4)
- Form 941: Apr 30 (Q1) · Jul 31 (Q2) · Oct 31 (Q3) · Jan 31 2024 (Q4)
How to pay
- 1040-ES: fastest via EFTPS (Electronic Federal Tax Payment System); paper form accepted by mail
- Form 941: filed through a payroll provider
- Annual tax return covers any remaining balance not paid quarterly
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