Well isn’t it just our luck that tax season has arrived smack in the middle of one of the worst trucking winters in history?! Now on top of tracking the forecast to maneuver around winter storms, you have to file employment taxes by the January 31 deadline!
During this busy time be sure not to forget about filing Form 1099-MISC for your independent contractors. Also, you don’t need to hire an expensive accountant or spend hours struggling with the form to file. Simply use the easy online tax e-filing solution, TaxBandits!
Form 1099-MISC is used to report payments for services performed for a trucking business by people not treated as its employees, like subcontractors or independent contractors. The purpose of this form is to report miscellaneous income.
Employers must file Form 1099-MISC for non-employees compensated $600 or more during the tax period. Your independent contractors will use this information to complete their personal income tax returns. Also, you are required to issue copies of Form 1099-MISC to your independent contractors by January 31.
Information Required To Complete Form 1099-MISC
Luckily it’s easy to complete IRS Form 1099-MISC as long as you have your business records on hand. As a business, you’re considered the payee and you will need to provide your business name, EIN (Employer Identification Code), and address.
Your independent contractor is your recipient, and you will nee their name EIN or social security number, and address.
Then you will need federal details such as the number of miscellaneous incomes you provided to the recipient with the amount of federal tax withheld. You will also provide state details such as the state income, payer state number, and state tax withheld.
Filing Form 1099-MISC With TaxBandits
You can complete 1099-MISC Form in a matter of minutes with TaxBandits. All you have to do is create your free account and follow the interview style e-filing guide. Helpful information along the way explains what information is required to complete your form and where it needs to be entered.
Plus, they offer exclusive e-filing features to make the entire process super convenient. For example, you can save time by using the bulk upload feature to import all of your independent contractor information at once.
Also, forget about heading to the post office! Simply use the postal mailing feature to have TaxBandits print and mail hard copies of Form 1099-MISC to each of your recipients.
If you need any assistance while e-filing 1099-MISC, the 100% US-based TaxBandits support team is standing by to help.
Don’t Forget About IFTA
Your 4th Quarter IFTA Return is also due on January 31, so head to ExpressIFTA to easily record all of the calculations you need to complete your return online. ExpressIFTA will even import your ELD data to make IFTA reporting even easier.
At the end of the quarter, all of your information will be totaled up in a quarterly IFTA report that you can download, print, email, and use to instantly complete your IFTA return! Get started with ExpressIFTA to take the hassle out of fuel tax reporting now!