Preparing Your Wellness Center for the Third Quarter Tax Period

Wellness center owners preparing for third quarter filing

 

As an integrated wellness business you are constantly juggling appointments, patients, finances, and more, but it is important to not forget about your third quarter taxes that are due on October 31st. Wrapping your mind around all of your tax obligations can be challenging and no matter if you are a new or established wellness business, we want to share helpful advice for navigating the third quarter tax period!

 

You might assume that your tax obligations start once your wellness business starts making a profit, but if you already have employees you will need to file IRS Form 941, the Employer’s Quarterly report with the IRS. To help you understand the quarterly tax obligations that may impact your wellness business here is a quick overview of IRS Form 941.

As the employer, you need to withhold federal income tax, social security tax, and Medicare tax from each employee’s salary. You are also required to match your employee’s Medicare and social security tax. Both of these amounts will need to be filed quarterly with the IRS on Form 941.

 

If your integrated wellness business fails to file by the 3rd quarter deadline on October 31st, you will be immediately charged a 5% penalty on the tax return amount and this will increase by increments of 5 for each month the amount remains unpaid.

 

The 3rd quarter Form 941 deadline is October 31st.

 

Where Can My Wellness Business Easily File Form 941?

Luckily, you can quickly e-file your Form 941 online to keep your business in good standing with the IRS. The easiest way to file your 941 is to create an free online account with our sister product, ExpressTaxFilings. ExpressTaxFilings is an IRS-authorized integrated solution for generating and transmitting the various IRS Forms required of small businesses. ExpressTaxFilings provides you with a  step-by-step, interview-style process with built-in audits to ensure error-free filing. Plus, ExpressTaxFilings offers a 100%, US-based live customer support team with Spanish and English support available.

 
Keeping your wellness business compliant with the IRS can be a hassle but at HealingRadiusPRO we wanted to make sure you were prepared and offered the best possible e-filing solution to get your Form 941 filed on time. Sign-up for a free account at ExpressTaxFilings today to transmit your IRS Form 941 today!

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