With running a trucking business comes great responsibility. Not only do you need to efficiently manage your operation to yield a profit, but you’re responsible for treating your trucking employees well and for paying your taxes.
January 31 is actually a major employee tax return deadline, because Form 940, Form 941, Form W-2, and Form 1099-MISC are due. This may seem like a lot, but each of these forms can be easily filed with the help of our sister product, TaxBandits. We recently covered Form W-2 and Form 1099-MISC, so today is all about Form 941.
How To E-File Form 941 For Trucking Employers
Form 941 Overview
Form 941 or the Employer’s Quarterly Return is used to report tax withholdings from your employee’s paychecks. As an employer who pays wages to workers, even if you only have one, you’re responsible for withholding social security, Medicare, and income taxes from their wages.
This form is used by the IRS to make sure you’re doing that. It’s also used to pay the IRS the amount of Medicare and social security tax you owe as a trucking employer. Businesses are required to file this form on a quarterly basis and the deadlines are:
First Quarter – April 30
Second Quarter – July 31
Third Quarter – October 31
Fourth Quarter – January 31
Filing Form 941 With TaxBandits
TaxBandits makes it easy to complete this quarterly form in a matter of minutes. All you have to do is create your free account to get started. Then you will follow their simple step-by-step e-filing guide that helps you correctly fill out your Form 941 and transmit it directly to the IRS.
The e-filing guide includes exactly what information is needed to complete Form 941 along with where it needs to be entered. All you have to do is provide the following information:
- Your employer details, including the name, employer identification number, and address
- Your total employee count
- Medicare, income, and social security tax withheld
- Deposit made to the IRS
- Your tax liability schedule (monthly/semi-weekly)
- Your signing authority information
- And your online signature PIN or Form 8453-EMP.
You have to sign Form 941 online in order to complete it and you have two online signature options. You can electronically sign your form with your online signature PIN from the IRS. If you don’t have one, you can apply for one online for free with TaxBandits. Just keep in mind that this process may take up to 45 days complete.
However, don’t worry if you don’t have 45 days. You can use Form 8453-EMP to instantly sign Form 941 online. Simply download Form 8453-EMP from TaxBandits, fill it out, and re-upload it. The entire process only takes about a minute.
The IFTA Deadline Is Almost Here
Don’t forget about the 4th quarter IFTA deadline coming up on January 31. You have less than a week to complete your return. That means it’s time to start your IFTA report if you haven’t already.
Good thing TruckLogics makes it easy to track all your IFTA totals online. Your trip sheet entries automatically update your quarterly IFTA reports. You can also quickly add and edit your IFTA information at any time.
The quarterly IFTA reports include every IFTA total needed to complete your IFTA return. Plus, they can be downloaded, printed, and emailed. Please don’t hesitate to contact the live, US-based TruckLogics support team.