Trucking nation, we have an important notice! Your IFTA return isn’t the only tax return that’s due on January 31. We know that between IFTA, HVUT 2290, and your IRP return it may seem like the tax deadlines never stop coming, but at least we’re here to make the 2290 form filing process and mileage reporting easy.
As a trucking business, you’re also responsible for e-filing Form W-2 and Form 1099-MISC by the January 31 deadline. However, you don’t have to stress about completing these forms by the deadline, because our sister product, TaxBandits, makes it easy!
Easily File Your Trucking Employment Tax Returns
Form W-2 is basically a statement that reports all of the compensations and income that you offered to your traditional employees during the tax year with Medicare, Social Security, and income tax withheld.
You are responsible for filing this form with the social security administration (SSA) on an annual basis and for distributing copies to each of your employees by the January 31 deadline.
Also, you must file for every employee who you paid $600 or more to in wages during the tax year. Your employees need to receive their copy of Form W-2 to complete their personal income tax returns.
Form 1099-MISC is used to report miscellaneous income. You need to use it to report payments made in exchange for services performed by people not treated as your employees, such as independent contractors or contract workers.
You need to file for each contract worker that you paid $600 or more to in wages during the tax period. You also need to distribute Form 1099-MISC copies to your recipients by January 31, as they need the information on this form to complete their personal income tax returns.
E-Filing With TaxBandits
When you e-file with TaxBandits you can quickly complete your forms in a matter of minutes. All you have to do is create your free account to get started. Then you will follow the simple interview styling e-filing guide.
Helpful information along the way explains exactly what information is necessary to complete your form and what fields it needs to be entered in. Plus, TaxBandits offers multiple, time-saving e-filing features to make the process go by even faster.
For example, you can use the bulk upload feature to upload all of your employee information at once, instead of entering all your information in one at a time. Also, forget about heading to the post office! You can simply use our postal mailing feature to have us print and mail hard copies of your forms to each of your recipients!
IFTA Is Coming
The 4th quarter IFTA deadline is quickly coming up on January 31! Make sure you’re prepared to file. Luckily you can easily track all of your IFTA totals online in one convenient location with ExpressIFTA.
We even accept ELD data to make importing all of your information incredibly simple! At the end of the quarter, all of your IFTA totals will be automatically calculated in an IFTA report with 100% accuracy. The report can be downloaded, printed, and emailed to go wherever it needs to!
If you have any questions please don’t hesitate to contact the live, US-based ExpressIFTA support team.