Ready or not, tax season is here! It conveniently arrived right in the middle of a historic winter with some of the longest periods of record-breaking cold weather in history. While you’re busy navigating around winter storms or while just cozying up to the fire don’t let your taxes slip your mind.
January 31 is actually a huge deadline day and you really don’t want to get hit with the major fees and penalties imposed by the IRS for not filing your taxes by the due date. That’s why we’re here to help by reminding you what forms need to be filed and providing a quick and easy e-filing solution, with TaxBandits.
Filing Forms W-2 And 1099-MISC For Your Trucking Employees
Form W-2 is the employment tax return that must be filed electronically with the Social Security Administration (SSA). You are also responsible for issues copies of Form W-2 to your employees.
You must file Form W-2 for each of your employees that you pay at least $600 or more in wages to during the tax period. It’s important because Form W-2 reports all of the income and compensations offered that had social security, income, or Medicare taxes withheld. Your trucking employees need this information to complete their personal tax returns.
Form 1099-MISC is used to report payments for services performed for a trucking business by people not treated as it’s employees, such as independent contractors. These are contract workers, not treated as traditional employees.
Form 1099-MISC is used to report miscellaneous income and you must file for each of your independent contractor who you paid $600 or more in wages to during the tax year. You are required to issue copies of Form 1099-MISC to you independent contractors by January 31.
It lists the amount of taxes they had withheld from their income, so they need it to complete their personal returns.
File With TaxBandits
As an employer, you’re responsible for filing these forms and issuing them to your employees, but that doesn’t mean that the process has to be a time-consuming hassle. Check out our sister product, TaxBandits, to quickly file all of your employment taxes in the blink of an eye.
All you have to do is create your free account and follow the step by step instructions to complete your form in a matter of minutes and transmit them directly to the IRS. You’ll save tons of time and money because you won’t have to hire an accountant when you easily handle your taxes yourself.
Not to mention TaxBandits offers exclusive e-filing features to make the entire process super easy. For example, you can use the bulk upload feature to import all of your employee’s information at once.
Also, forget about going to the post office! Simply use our postal mailing feature to have us print and mail copies of your return to your recipients for you.
Don’t Forget About IFTA
Your 4th quarter IFTA return is also due on January 31, and that’s less than a month away. However, IFTA is no problem if you use TruckLogics to record your trips because all of your information will be automatically recorded to provide quarterly IFTA reports.
Your IFTA report is calculated based on the mileage and fuel information you enter. Each report can be edited, printed, downloaded, emailed, and used to instantly complete your IFTA return.