Category: truck taxes

What you need to know about the 2020 W-4

Posted on January 11, 2020 by - Filing Truck Taxes, truck taxes

The IRS has changed Form W-4 for 2020. You might not think the change will affect you, but it almost certainly will.

So how could the new 2020 W-4 affect the trucking industry?

Let’s cover the 2020 W-4 in detail so you understand what the IRS has changed and why it matters to you.

What is the 2020 Form W-4?

The IRS Form W-4 was designed for employees to report tax information to their employers. This includes information like income, deductions, marriage status, and withholding information. 

All of this enables employers to accurately withhold taxes from their employee payroll. This money goes to Medicare, Medicaid, and Social Security.

The new 2020 Form W-4

Who needs the 2020 Form W-4?

Every new employee hired in 2020 is required to fill out the 2020 Form W-4. Even if you have been working for 40 years and you change jobs, you will be required to fill out a new Form W-4.

The Form W-4 is also used to report changes in information for existing employees, such as marital status or additional dependents.

What’s new on the 2020 Form W-4?

The 2020 Form W-4 is actually shorter than the previous versions. This is partly because the IRS was attempting to simplify the form (not that they really did), and partly because they entirely removed one section on the 2020 W-4.

This section removed from the 2020 W-4 was called the “Personal Allowance Withholding Worksheet”. This section was made irrelevant when the IRS did away with personal allowances.

How the new 2020 W-4 is laid out

  • Step 1= Personal information
  • Step 2= Income information from you and your spouse
  • Step 3= Claim your dependents
  • Step 4= Other income you want to record
  • Step 5= Employee’s signature

The best solution for creating 2020 Form W-4

If you’re a trucking employer, you will need to use the new 2020 W-4 every time you hire a new employee. For many employees and employers, the form can be difficult to fill out correctly.

The simplest and most affordable solution is to use the new 2020 W-4 Form from TaxBandits. 

With TaxBandits, you can email your employees a W-4 for them to fill out electronically with step-by-step instructions. That form can then be printed or saved for filing your taxes.

Give TaxBandits a try today!

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.

Trucking 101: Everything You Need to Know About ExpressTruckTax

Posted on October 24, 2019 by - express truck tax, expresstrucktax, Form 2290, IFTA deadlines, IFTA filing, ifta fuel tax, IFTA reporting, irs 2290, IRS form 2290, truck driver, truck taxes, trucking

You might already know that ExpressTruckTax is here for your Form 2290 filing needs.

In fact, we’re the industry-leading e-file provider for IRS 2290.

But what else do you know? Find out other ways we can help you with truck taxes to take the paperwork out of trucking.

Truck Taxes

IRS Form 2290

Did you use ExpressTruckTax to file Form 2290 this year? If so, thanks for choosing us!

Our number 1 referral method is word of mouth, so be sure to tell your friends about your experience.

If you didn’t file with ExpressTruckTax, or haven’t heard of us before, here’s the rundown:

1.  ExpressTruckTax is an IRS-authorized e-file provider.

That means our system is authorized by the IRS to participate in the IRS e-file program. Not only are we backed by the IRS, but we run on cloud-based software, keeping your sensitive information safe and secure.

2.  ExpressTruckTax takes the paperwork out of filing.

No, seriously. You never need to touch a piece of paper to file IRS 2290, and you definitely don’t have to stand in those ridiculous lines at the IRS. Honestly, I hope no one is still doing that.

3.  ExpressTruckTax is here for you.

The ExpressTruckTax support team is a 100% US-based, live support team, meaning you’ll always get a real human on the phone who knows what they’re talking about.

Best of all, you’ll get your IRS 2290 stamped Schedule 1 just minutes after filing Form 2290.

IFTA Fuel Tax

So, maybe you knew all that, but did you know we can help with IFTA filing too?

Simply log in to your ExpressTruckTax account, or create one for free. Then, select the “IFTA” tab at the top of the home page.

IFTA filing has never been easier. It’s all the ease of Form 2290, but with IFTA reporting!

Don’t forget, your 3rd quarter IFTA deadline is October 31, 2019. File your IFTA fuel tax by Halloween to avoid penalties and interest.

Truck Drivers Are Our Priority

Now you know a little bit about how ExpressTruckTax can help you, especially with IRS Form 2290 and IFTA fuel tax.

We’re here for you. Our top-notch customer support team is available to help, whether you need to make a correction on your Form 2290, have questions about IFTA filing, or need clarity on truck taxes and deadlines.

We’re here to take some of the hassle and paperwork out of being a truck driver, but most importantly, we’re here for you.

Check out our other blogs to find more resources to help you succeed in the trucking industry.
Happy trucking!

Are You Prepared For These Tax Deadlines?

Posted on April 12, 2017 by - 1040 deadline, 2290 deadline, 4868 Deadline, E-file HVUT, e-file IRS Form 4868, Form 2290, Form 4868, IFTA, ifta deadline, IFTA online filing, Tax time, truck driver, truck taxes, Trucker

How are things going? We know it’s a busy time since business picks up in the spring. Plus, you’re really focusing on driving carefully due to all the crazy storms that are popping because of unpredictable April weather. On top of all that, tax season is here!

Luckily you have ExpressTruckTax here to help out in any way we can by providing you with a simple way to quickly e-file your HVUT, calculate your IFTA totals, and inform you about upcoming tax deadlines. So, let’s take a look at what’s coming up.

Upcoming Tax Deadlines

Watch out, at the end of the month your first quarter IFTA report is due! The deadline falls on April 30th, which is a Sunday. Since the deadline falls on a weekend day, the actual IFTA deadline is on the next business day, Monday, May 1st. That gives you the entire weekend to calculate your IFTA totals!

But who wants to spend their weekend calculating when they could be relaxing and watching the game? That’s why we’ve made it extremely easy to quickly calculate and keep track of everything you need for your IFTA totals.

You can use the quick entry screen to keep up with your odometer readings, quickly calculate your totals with our fuel tax calculator app, keep up with your miles per jurisdiction with our trip sheets, and more.

Your HVUT is due annually on August 31st, so you may feel a little more relaxed about that deadline since you have all summer to file your 2290. However, if you have a new truck or new to you truck then your HVUT is due the last day of the month after your first used month. Meaning if you first use your new vehicle in April then your 2290 is due by May 31st.

ExpressTruckTax is the market leading HVUT solution because we’ve simplified the e-filing process to help you fill out your Form 2290 and receive your stamped Schedule 1 in a matter of minutes.

Our step-by-step guide will help you instantly complete your 2290, and our 2290 calculator will help you accurately calculate how much you owe. Plus, your vehicle information will be saved for next time, and we offer free VIN corrections. After you’ve transmitted your 2290 to the IRS you’ll quickly receive a copy of your stamped Schedule 1 via email.

All of that stuff is great for your truck taxes, but what about your personal taxes?! The Income Tax Return Deadline is quickly approaching April 18th! We understand that while you’re busy out on the road it can be difficult to gather all the information necessary to file.

That’s why we have your personal tax filing solution. Simply head to our sister company, ExpressExtension, to e-file Personal Tax Extension Form 4868. IRS Form 4868 is for individual and joint taxpayers to apply for an additional 6-months to file their personal income tax returns.

The process is easy, you spend a few minutes filling out Form 4868 and transmit it to the IRS by the April 18th deadline to instantly receive 6 extra months to file your return, pushing your deadline back to October 16th. Visit ExpressExtension.com for more information.

If you need to file while out on the road, no problem. Simply download the free 4868 app to your smartphone or tablet to file 1040 extension online at any time from any location.

Contact Us

Tax time is a busy time and it can also be a confusing time. That’s why the dedicated ExpressTruckTax team is standing by to help. We will be more than happy to assist you with any questions that you may have. Call us anytime Monday – Friday from 9 AM to 6 PM EST at 704.234.6005, live chat with us, or take advantage of our 24/7 email support at support@expresstrucktax.com.