It can seem like your taxes never end. From your HVUT Form 2290 to filing IFTA four times a year, your IRP return, and more. There’s always a deadline to prepare for, and missing it could result in major penalties.
Then on top of your truck taxes, you have to file for your trucking business employees by the January 31 deadline! You need to file Form W-2 or Form 1099-MISC and issue copies to each of your recipients by this deadline. Luckily, this can all be quickly accomplished with the help of our sister product, TaxBandits
File Wage Returns For Your Drivers
Form 1099-MISC is used to report payments or miscellaneous income made by trucking businesses for services performed by people such as independent contractors or contract workers, who are not treated as employees.
You must file Form 1099-MISC for your independent contractors if you paid them $600 or more in wages during the tax year. It reports the amount they were paid and how much of their income had taxes withheld, so they need this form to complete their personal income tax returns.
File Form W-2 electronically with the Social Security Administration and issue copies to each of your employees on an annual basis for all of your workers who you paid $600 or more to in wages during the tax year.
This form is basically a report that lists all of the compensations and income that you offered your employees during the year with income, Medicare, and social security taxes withheld. Your employees need this information to complete their personal income tax returns.
E-Filing With TaxBandits
TaxBandits is the market leading e-filing solution for business owners and accountants. By streamlining the e-filing process online they make it incredibly quick and easy to complete your returns in a matter of minutes.
Simply create your account to get started and follow the step-by-step e-filing guide that explains exactly where to enter the information that’s required to complete your form and transmit it directly to the IRS. This fast, cost-effective process will save you tons of time and money.
Plus, TaxBandits even offers multiple, innovative e-filing features that make the entire process incredibly convenient. For example, use the bulk upload feature to save time by uploading all of your employee information at once.
Also, forget the hassle of having to go to the post office. Just use our postal mailing feature to have us print hard copies of your returns and mail them to your recipients for you.
IFTA Is Coming
Your 4th Quarter IFTA return is also due on January 31, and you don’t want to miss that deadline! Be sure to check out ExpressTruckTax’s other sister, ExpressIFTA to quickly import all of your IFTA data to record it in one location online. ExpressIFTA even accepts ELD data to make the reporting process even easier.
All of your IFTA calculations will automatically be calculated in an easy to read IFTA report that contains all of the totals needed to complete your return. Your IFTA report can be downloaded, printed, and emailed to go wherever it needs to.