ExpressIFTA Blog

Thursday, January 25, 2018

Your 1099-MISC and W-2 Trucking Employment Tax Return Solution

As a trucking business, you have more than just IFTA and your HVUT Form 2290 to worry about. You actually have a few business tax returns to file for your employees. You are required to file Form W-2 and Form 1099-MISC by the January 31 deadline, which is less than a week away.

However, don’t worry. You still have plenty of time to file with the help of our sister product, TaxBandits. Check out how the market-leading business tax filing solution will help you instantly complete your forms and transmit them directly to the IRS.

Your 1099-MISC and W-2 Tax Return Solution

Form 1099-MISC

Form 1099-MISC is used to report miscellaneous income. You must file this form to report payments made by your business in exchange for services performed by a person not treated as a traditional employee.

Examples of these type of workers include independent contractors or contract workers. These workers are different from the traditional employees on your payroll. You must file Form 1099-MISC and issue copies for each of your independent contractors who you paid wages of $600 or more to during the tax period. They will use this form to complete their income tax return.

Form W-2

Form W-2 is an annual statement provided to the Social Security Administration (SSA). It’s used to report the amount of compensations and wages offered to your employees with income, Medicare, and social security tax withheld.

Along with filing this form, you’re also responsible for issuing copies to each of your employees. You must file for each employee who you paid $600 or more to in wages during the tax period. Your workers need this form to complete their personal income tax returns.

E-Filing With TaxBandits

TaxBandits makes it incredibly easy to complete multiple tax returns in a matter of minutes with their innovative e-filing software. Simply create a free account to get started and follow the easy, interview-style e-filing guide.

The guide will completely take you through the entire form, with helpful text along the way that explains what information is needed to complete your form and where to enter it. This helps you quickly file without any confusion.

TaxBandits also has a number of time-saving, convenient e-filing features. For example, you can use the bulk upload feature to upload all of your employee data at once. You can also use the postal mailing feature to have TaxBandits mail copies of your returns to each of your workers for you.

IFTA Is Almost Here

Along with these employment returns, your 4th quarter IFTA return is also due on January 31! If you haven’t already, then it’s time to prepare your IFTA report with ExpressIFTA. We make it easy to quickly import all of your IFTA information and even accept ELD data.

Once you have entered your information we will automatically calculate all of the IFTA totals needed to complete your IFTA return with 100% accuracy, so you won’t have to tackle complicated equations yourself.

All of your IFTA information will be included in an easy-to-read IFTA report that can be downloaded, printed, and emailed to go wherever it needs to! You can also use it to instantly complete your IFTA return!

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