Category: Subcontractor

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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What You Need to Know About The W-2 and 1099 Tax Form Deadline!

Posted on January 24, 2019 by - 1099 Employees, 1099 Online, 1099 Tax Form, independent contractor, IRS Form 1099, Subcontractor, Tax deadline, Trucking Business, Trucking Companies

January 31st is right around the corner! You have to make sure your 2019 W-2 and 1099-MISC Forms are ready to file by the IRS deadline.

If your trucking business has employees, you will need to report their wages and tax withheld on IRS Form W-2. Operators using freelance or contracted workers must report all payments using IRS Form 1099-MISC. Many trucking companies get confused about the difference between the W-2 Form and 1099 Tax form. Knowing these differences is critical for trucking business owners. Any mistakes you make could result in IRS fines and extra work for you.

IRS Form 1099 MISC – What You Need to Know

The IRS Form 1099-MISC is used to report miscellaneous payments made during the calendar year. You’ll need to use it for individuals who are not considered employees, such as an independent contractor or subcontractors.
You will need to file Form 1099-MISC if any of the following applies. Note there are also certain incomes you must report as well.
• $600 or more in services, lodging, and other income expenses.
• Each worker you’ve withheld federal income tax from under the backup withholding rules.
• Paid $10 or more in royalties or broker payments instead of tax-exempt interest dividends.
• All gross proceeds to attorneys and other legal consultants.
• Any direct sales of consumer products resulting in an income of $5,000 or more made anywhere that isn’t a permanent retail establishment.
Expenses NOT reported on IRS Form 1099-MISC include:
• All non-reportable payments made to corporations, excluding attorneys and legal consultants. They must receive a Form 1099 – MISC regardless of their corporate status.
• Payments made to foreign governments or tax-exempt organizations in the United States, the District of Columbia, and U.S. possessions.
• Income paid to official employees (This is where the From W-2 comes in).

IRS Form W-2 – What You Need to Know

First of all, what is a W-2? IRS Form W-2 is an annual statement that you must file with the SSA and issue recipient copies to employees. You, the employer, will then use these to report salaries and other payments made during the previous tax year. You will also need to file Form W-2 for each official employee with the SSA (Social Security Administration). This is very important considering your employees use this form to file their personal tax returns. On their recipient copies they will find wages earned, taxes withheld, and additional information needed to complete their yearly tax returns.

Filing late or not filing at all can cost you and your business big time. If you don’t file Form W-2s by the deadline, you must pay a $30 fine for each. After 30 days, this penalty raises to $60 per form with a top fine of $500. That’s in addition to the pressure you will receive from your employees and contractors when they can’t file for their refunds.If you do make a mistake, you can use a W-2 Correction Form W-2c. It would be best if you did this as soon as you discover a form error. You also need to send copies of your corrected W-2 Forms to each employee.

TaxBandits Can Help Your Trucking Business

Tax season isn’t fun for anyone, but it’s even less fun to handle all alone. We specialize in filing 2290s, but our sister product TaxBandits is here for the rest of your trucking company’s tax filing needs!

With a step-by-step interview-style filing process and 100% US-based support, TaxBandits can help you file your IRS Form W-2 or IRS Form 1099 in a matter of moments. They even have print mailing options available to guarantee your recipient copies are received on time. Sign up for your free account today and only pay when you transmit!

Trucking Subcontractors and Form 1099-MISC: What You Need to Know

Posted on January 18, 2019 by - 1099 Misc, 1099 Online, E-file 1099, Fleet Management, Form 1099, Subcontractor, Trucking Business, Trucking Companies

W-2s and 1099 Forms ready to file for your trucking business?
It’s almost January 31st! Do you have all the

Fleet management can be a difficult task to take on alone. Many trucking companies use contractors, who can themselves hire a subcontractor. But did you know that as a trucking business owner you’ll need to file their tax forms too?

It can be easy to get swept up in the frenzy of tax season and forget to e-file 1099-MISC for your contractors and subcontractors. Luckily, TaxBandits can help you e-file your taxes on time with their quick and secure filing process. TaxBandits also features error checking, bulk data uploads, and experienced US-based customer support. They make completing your taxes a breeze whether you’re at home or on the road!

Here’s what you need to know about filing 1099-MISC Forms for your subcontractors!

Form 1099-MISC: Subcontractors

Some trucking company owners don’t realize they need to file taxes for their subcontractors. Employers must file Form 1099-MISC to report any non-employee compensation equaling $600 or more. Anyone not considered an official employee will need this form to report their miscellaneous income for the tax period.

For. And remember, you’re required to issue copies of Form 1099-MISC to your subcontractors by January 31st!

What You Need To File Form 1099 Online

With TaxBandits, it’s easier than ever to complete Form 1099-MISC no matter where you are! All you need is your business records for the tax season.

Your Information:
  • Business Name
  • Business Address
  • EIN (Employer Identification Number)
 Independent Contractor Information:

  • EIN
  • Or Social Security Number
  • Address
You will also need to provide extra federal and state tax details. This includes all miscellaneous incomes you provided, the state income, payer state number, and state tax withheld.

If you don’t have your subcontractor’s information available, you can request it through a W-9 Form. Luckily, with TaxBandits the W-9 process only requires 60 seconds the subcontractor’s valid email address.


Filing Form 1099-MISC With TaxBandits

Filing your Form 1099-MISC can be a rocky experience, but TaxBandits makes it as smooth as the open road.

TaxBandits allows you to create a free account before beginning the e-filing process. The site also provides tips to explain what information you need to complete your form. You can also save time by using their bulk-upload feature.

TaxBandits can also save you from wasting time at the post office. Use their postal mailing feature to print and mail hard copies of the Form 1099-MISC to each of your subcontractors.