Make Sure Your Trucking Business is Tax Compliant!
Only Hours Left to File!
Tomorrow, January 31st is the deadline for your IRS Form 1099, IRS Form W-2, and IRS Form 940 or 941! As a trucking business owner, you have to make sure your employee, contractor, and subcontractor tax forms are filed by the deadline.
We understand that filing your employee and contractor forms can be confusing during tax season. Which is why ExpressTruckTax has parented its sister product, Taxbandits to provide you with all the tools you’ll need to file by tomorrow night’s deadline!
Before we jump into it let’s review some tax filing basics.
The Fleet Management Guide to the 2018 1099-Misc Form, W-2, & More
Knowing which tax forms you are required to file and how to submit them on time is important for you as a business owner, your employees, subcontractors, and anyone else you paid during the previous tax season. However, depending on the circumstances, they may each need different or even multiple forms to file.
Let’s take a look at the basic forms and when you’ll need them:
IRS Form W-2 is for reporting your full employees’ wages and other compensation.
IRS Form 1099-MISCis for reporting payments made to freelance drivers, leased owner-operators, or other contracted workers in your trucking fleet. Don’t forget, this also applies to any subcontractors in your fleet as well.
IRS Form 941 is for reporting employment taxes for those who own and operate a business with employees, including adjustments for tips, sick pay, and any overpayment or underpayments made during the tax season. Like your IFTA report, IRS Form 941 is a quarterly Federal Tax Return and must be filed accordingly.
IRS Form 940 is an annual federal tax report form used for documenting and paying unemployment taxes. The form calculates the employer’s federal unemployment tax liability, adjusts for any state unemployment taxes paid, and calculates any due unemployment taxes from there. IRS Form 940 also compares unemployment tax due for the year to the taxes already paid.
Beat the IRS Deadline with TaxBandits!
While all of this seems like a lot to take care of in such a short time, TaxBandits makes it easy!
TaxBandits takes the headache of filing business tax forms by offering a simplified e-filing solution that helps you to e-file multiple tax forms for your trucking business at once. That means you and your fleet can get back on the road and to doing to what you do best!
Don’t forget, depending on the scope and nature of your fleet, you may need to file one or more of these forms by the deadline tomorrow! Also, don’t forget to file your 4th Quarter IFTA report with your base jurisdiction!