Wednesday, January 30, 2019

It's Crunch Time! The IRS Deadline is Tomorrow

Time to File Your Tax Forms!

You only have one day left!
Trucker filing IFTA Report and IRS 1099 misc

Tomorrow, January 31st is the deadline for your IRS Form 1099, IRS Form W-2, and IRS Form 940 or 941! As a trucking business owner, you have to make sure your employee and contractor tax forms are filed on time. The differences can be confusing, but TSNAmerica has parented with our sister product Taxbandits to provide you with everything you need to file on time!

Before we jump into it let’s review the basics.

What You Need to Know About the 2018 1099-Misc Form, W-2, & More

Knowing what tax forms you are required to file and how to submit them on time is important for you as a business owner, your employees, subcontractors, and anyone else you paid during the previous tax season. However, depending on various factors, they may require different or even multiple forms.

IRS Form W-2 is for reporting your employees’ wages and other compensation.

IRS Form 1099-MISC is for reporting payments made freelance drivers, leased owner-operators, or other contracted workers in your trucking fleet.

IRS Form 941 is used to report employment taxes for those who own and operate a business with employees, including adjustments for tips, sick pay, and any overpayment or underpayment made during the tax season. Like your IFTA report, IRS Form 941 is a quarterly Federal Tax Return and must be filed as such.

IRS Form 940 is an annual federal tax report form used to document and pay unemployment taxes. The form calculates the employer's federal unemployment tax liability, adjusts for any state unemployment taxes paid, and calculates any due unemployment taxes from there. The form also compares unemployment tax due for the year to the taxes already paid.

Don't forget, you may need to file one or more of these forms by the deadline tomorrow! Also, remember to file your 4th Quarter IFTA report with your base jurisdiction! 

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