The deadline for your trucking tax forms is almost here!
That’s right! Monday, February 1st is the deadline for your IRS Form 1099, IRS Form W-2, and IRS Form 940 or 941! As the owner of a trucking business, you have to make sure your tax forms are filed on time! The differences between the different tax forms can be confusing to some business owners.
Not sure what tax forms you need?
Your IRS Form 1099 & W-2 Guide
Knowing the difference between all the different tax forms and filing them on time is very important for you, your employees, and anyone else you pay during the tax season.
You must report your employees’ wages and other compensation on IRS Form W-2. If you use freelance drivers or other contracted workers in your trucking fleet, you have to report these payments using IRS Form 1099-MISC. Don’t forget – it’s also time to file your annual IRS Form 940 and quarterly IRS Form 941.
IRS Form 941, like your IFTA report, is a quarterly Federal Tax Return. It’s a report that’s used to disclose employment taxes for those who own and operate a business with employees. This includes things such as adjustments for tips, sick pay, and any overpayment or underpayment you may have made during the tax season.
Conversely, IRS Form 940 is the federal unemployment tax annual report form used to report and pay unemployment taxes. The form first calculates the employer’s federal unemployment tax liability, adjusts for any state unemployment taxes paid, and calculates any due unemployment taxes. The form also compares unemployment tax due for the year to the taxes already paid. Your business is liable for any outstanding unemployment taxes.