Being a trucker isn’t easy. It seems like everyone on the road thinks you’re in their way, and yet the demand for delivered goods just keeps increasing.
On top of that, you have some serious bookkeeping to maintain.
Luckily for you, there are online software solutions like ExpressTruckTax to help take the paperwork off your plate.
Here are some yearly and quarterly truck taxes you need to be aware of in order to avoid penalties and interest.
Watch out for these truck taxes:
IFTA Fuel Tax
The IFTA fuel tax is a quarterly tax used to collect and distribute fuel tax revenue between jurisdictions.
IFTA simplifies truck taxes by allowing you to travel in all participating member jurisdictions with a single fuel tax license.
You’ll need to file report your IFTA tax to your base jurisdiction 4 times a year.
Here are the IFTA fuel tax deadlines you need to be aware of
Notice that the 3rd quarter IFTA deadline is approaching soon on Halloween!
, an online IFTA reporting software, to track all of your fuel records and generate your quarterly IFTA fuel tax reports online.
IRS Form 2290
Form 2290 is due annually, so you only need to worry about it once a year.
It’s coupled with the Heavy Use Vehicle Tax, which is the 2290 tax amount you must pay in addition to filing Form 2290.
Hopefully, this one doesn’t need to even be on your radar for months. It was due September 3, 2019. (Normally, Form 2290 is due August 31, but that date fell on a weekend).
If, however, your Form 2290 was rejected
, or if you still have not filed IRS Form 2290 for 2019-20, you’ll need to do so right away. IRS penalties and interest for this tax are not forgiving, and they only increase with time.
Online filing takes less than 10 minutes, so there’s really no reason to endure hefty penalties.
If you put off filing your 2290 tax form due to your inability to afford the 2290 tax, it’s important to note that the penalty for filing your Form 2290 but failing to pay your 2290 tax is substantially lower than failing to file and pay.
In addition to avoiding penalties, it is necessary to file your 2290 tax form each year in order to receive your stamped Schedule 1, which is required for operation.
, the industry’s leading IRS-authorized e-file provider, to file IRS Form 2290 in minutes from anywhere on your phone, tablet, or computer. Never even set foot in an IRS office during one of the busiest truck tax seasons.
Form 941 is relevant if you own and operate a trucking business with employees
, as it is used to report employment taxes and calculate the employer’s portion of Social Security and Medicare tax.
941 taxes are quarterly, meaning they’re due 4 times a year:
As you can see, the 3rd quarter 941 Form 2019 deadline is coming up. Make sure you know whether or not you need to file 941 taxes. Unsure if you need to file? Read more here.
If you do need to file IRS Form 941, you’ll want to check out TaxBandits. Forget the paperwork, simply file 941 taxes online in a few minutes. Plus their interview style e-filing process and automatic error checks ensure success.
Keep up with your truck taxes! You don’t need to be spending unnecessary money on penalties and fees. Check out ExpressTruckTax, ExpressIFTA, and TaxBandits today. You’ll be glad you did.