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Showing posts with label form 941. Show all posts
Showing posts with label form 941. Show all posts

Tuesday, October 29, 2019

Are You Caught Up With Your Truck Taxes?

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Truck driving during the fall, when taxes like 3rd quarter IFTA and IRS 941 are due.
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



Quarter
Period
Due Date
1st
January - March
April 30
2nd
April - June
July 31
3rd
July - September
October 31
4th
October - December
January 31

Notice that the 3rd quarter IFTA deadline is approaching soon on Halloween!

Use ExpressIFTA, 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.

Trucking down the highway, up to date on truck taxs like IFTA fuel tax and Form 941.

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.

Use ExpressTruckTax, 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.

941 Taxes

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:


Quarter
Period
Due Date
1st
January - March
April 30
2nd
April - June
July 31
3rd
July - September
October 31
4th
October - December
January 31


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.



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Thursday, September 28, 2017

Trucking Business Owners, Have You Filed Form 941?

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E-filing Form 941 With ExpressTaxFilings is easy
You just paid your Heavy Vehicle Use (HVUT) 2290 tax with the help of ExpressTruckTax, so you can finally relax, right? Filing was super easy! However, more deadlines are waiting just around the corner.

It’s like taxes seem to never end, especially if you’re a small business owner because you have another tax deadline on the horizon! The 3rd quarter Form 941 deadline is on October 31st!

Wait, what is Form 941?


Form 941 is the Quarterly Federal Tax Return and it’s basically a report that’s used to disclose employment taxes for those who own and operate a business with employees. This means that anyone or any business, like a trucking business owner for example, that pays wages to an employee must file Form 941 on a quarterly basis. That’s right, four times a year, just like IFTA.

As an employer, you are responsible for withholding Medicare tax, social security tax, and federal income tax from your employee’s paychecks. You’re also responsible for sending these taxes to the IRS. Form 941 is used to report the amount of taxes you withhold from your employee’s paychecks for the quarter and to pay the employer’s portion of Medicare and social security taxes to the IRS.

How to E-file Form 941


Luckily for you, we have an IRS-authorized sister, ExpressTaxFilings, which will help you file Form 941 online in a matter of minutes.

Quickly File Form 941 Online With ExpressTaxFilings
It’s simple, create your free ExpressTaxFilings account and follow the guided interview style filing process to instantly complete your Form 941 online. ExpressTaxFilings tells you what information is required and exactly where it needs to go so you can finish your  941 form and transmit it directly to the IRS in no time!

Plus, we're here to help. If you need any assistance please contact the dedicated, US-based ExpressTruckTax support team. Give us a call Monday - Friday from 9 AM to 6 PM at 704.234.6005. We also offer live chat and you can take advantage of our 24/7 email support at support@expresstrucktax.com.
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E-file your HVUT Form 2290 with ExpressTruckTax.