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The Difference between For 941 And Form 944.

October 19th

tax formDepending on the type of business that you own, you are required to fill out either Form 941 or Form 944 in order to avoid IRS penalties. These two forms are the difference between whether you file your taxes and claim tax deductions quarterly or annually. Generally speaking, the vast majority of businesses will be filing Form 941. This form is designed for businesses that pay their taxes and file for tax deductions quarterly. The vast majority of businesses are required to pay their taxes and file tax deductions quarterly, and this is advisable due to the fact that it makes bookkeeping much easier as a whole. Form 944 is designed for businesses that instead file taxes and deduct taxes annually.

How Do I Qualify for a 944?

In order to qualify for the tax status of being able to fill out Form 944, you must receive written notification. In the event that you receive this notification, and you would prefer to file Form 941, you may request to have filing requirements changed to 941, if the certain requirements outlined by tax law are satisfied.

Generally speaking, businesses that qualify for 944 are those that operate on a seasonal basis. These businesses include Christmas Tree Sellers and other holiday businesses. They qualify for Form 944 due to the fact that for the majority of the year, they are not viable businesses that are paying wages. If you have a business that operates on a year-round basis, you will likely need to file Form 941.

For more information regarding the differences between Form 941 and Four 944, be sure to visit the IRS website at www.IRS.gov. You can also check out the publication The Employer’s Tax Guide, which is provided at no cost through the IRS’ website.  Another good source of information could be your local tax lawyers and tax attorneys; they’ll have information regarding your specific jurisdiction.


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