Category: IRS Form 941

Are You Caught Up With Your Truck Taxes?

Posted on October 29, 2019 by - 2290 tax, 2290 tax form, 941 Form 2019, 941 taxes, express truck tax, expresstrucktax, Form 2290, form 941, IFTA, ifta fuel tax, IFTA tax, IRS 941, IRS form 2290, IRS Form 941, truck taxes

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.

How to File Your Trucker 2018 1099-Misc for the IRS Deadline

Posted on January 30, 2019 by - 1099 misc 2018, Fleet Management, ifta report, IRS Deadline, IRS Form 940, IRS Form 941, Subcontractor, Trucking Business

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-MISC is 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!

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