Filing Quarterly Returns

Forum|Forum|2 years ago
October 25, 2023
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Are quarterly returns required

Ask the Experts - Extension - Sept 2023

emina

Level 5

Hello, thanks for joining us today!

Is this question related to estimated tax payments that are paid quarterly? If so, individuals, including sole proprietors, partners and S corporation shareholders, may need to make estimated tax payments if:

they expect to owe at least $1,000 when they file their tax return.
they owed tax in the prior year.

Taxpayers who may need to make estimated tax payments include someone who:

receives income that isn’t from an employer, such as interest, dividends, alimony, capital gains, prizes and awards.
has tax withheld from their salary or pension but it’s not enough.
has more than one job but doesn’t have each employer withhold taxes.
is self-employed.
is a representative of a direct-sales or in-home-sales company.
participates in sharing economy activities where they are not working as employees.

Reference link: https://www.irs.gov/newsroom/basics-of-estimated-taxes-for-individuals#:~:text=For%20estimated%20tax%20purposes%2C%20a,due%20June%2015%20and%20Sept.

If you are referring to Form 941, Employer's Quarterly Federal Tax Return, use this form to:

Report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks.
Pay the employer's portion of Social Security or Medicare tax.

Reference link: https://www.irs.gov/forms-pubs/about-form-941