Nowadays the majority of truck fleet owners face plenty of challenges in managing their business. As a business owner, you have even more responsibilities when it comes to managing your truck fleet trip management, driver management, excise tax, IFTA and even more.
Along with these, you are also responsible for certain tax liabilities as an employer, and need to report those to the federal government. Let’s look at the employment tax forms that you are responsible for filing.
If you hire a full-time employee for your trucking business, you have to withhold certain taxes from their wages (such as federal income tax, FICA tax, state income tax) and make deposits to the respective agencies in addition to the employer contribution.
These deposits have to be reported to the IRS by filing the Form 941 on a quarterly basis. Visit https://www.taxbandits.com/payroll-forms/e-file-form-941-online/ to learn more about the Form 941 & its filing features. And also you can begin to file your quarterly returns right from there.
You’re also responsible for reporting to the IRS the wages paid to your employees. Wages are reported by filing a W-2, and at the end of the year, copies of each employee’s W-2 will need to be sent to each individual employee so they can report their income tax on their Form 1040.
As an employer you'll want to ensure that once the year is up the amount reported on the quarterly tax return 941 matches the total amounts reported on the W-2 Forms.
Looking to file W2 Online for your employees? Visit https://www.taxbandits.com/w2-forms/efile-w2-form-online/ to file your W-2s instantly with the IRS.
IRS Form 1099-NEC is to report nonemployee compensation. Payers should complete Form 1099-NEC if they have paid at least $600 of nonemployee compensation to an independent contractor or vendor during the calendar year.
You are not responsible for any tax withholdings if you hire a contractor (who is not treated as a full-time employee) for your trucking business. But, you do have to report the compensation service that was paid to the contractors by filing the 1099-NEC Form to the IRS and also send a copy to your contractor so they can report it on their individual income tax return 1040.
For example: If your employees are on vacation, you may hire contractors to drive for your company for hauling loads. Here the contractors are considered non-employees, and you’ll need to issue the 1099-NEC to them.
Till the tax year 2019, the nonemployee compensation has been reported in Box 7 of the 1099-MISC. From the 2020 tax year, it should be reported separately on Form 1099-NEC.
Now, Form 1099-MISC is used to report miscellaneous payments made for rent, fishing boat proceeds, medical and health care payments, prizes, awards, and more.
Visit https://www.taxbandits.com/1099-forms/efile-form-1099-misc-online/ to file form 1099-MISC
Do you have any contractors working for your business? Then you might be also looking for filing your 1099-NEC Form.
Please visit https://www.taxbandits.com/1099-forms/efile-form-1099-nec-online/ to file 1099-NEC for your contractors with the IRS.
Employers are also responsible for paying unemployment taxes to the federal government. The unemployment tax is based on the wages they pay to their employees, but it should not be deducted from employees' wages. Only the employer has to contribute, as per the Unemployment Insurance Act. Employers report FUTA at the end of the year by filing IRS Form. Check out https://www.taxbandits.com/payroll-forms/efile-form-940-online/ to learn more about Form 940 and how to file it with the IRS.
Now that you know all the payroll tax forms that you are responsible for, let’s establish when you have to file these forms.
| Forms | Deadline |
|---|---|
| Form 941 | The 941 Form is due at the end of each quarter (April, July, October, and January) and should be filed before the last day of the month that follows the end of the quarter. |
| Form 940 | File on or before January 31, 2022. |
| Form W2 | Paper/E-Filing & Employee Copies Deadline is on January 31, 2022 |
| Form 1099-NEC | Paper/E-Filing & Recipient Copies Deadline is on January 31, 2022 |
| Form 1099-MISC | |
|
For others, Recipient Copy Deadline - January 31, 2022 Paper Filing Deadline - February 28, 2022 E-filing Deadline - March 31, 2022 |
|
| Form 944 | File Form 944 annually on or before January 31, 2022. |
* Form 944- The smallest employers (whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less) will file this form only once a year instead of every quarter.
Taxbandits.com, designed by the makers of ExpressTruckTax, is a perfect tax e-filing software and a trusted IRS-authorized e-file provider. TaxBandits provides an easy user interface to file all your employment tax returns 940, 941, W2, & 1099-MISC electronically in just a few minutes. And you can access TaxBandits from anywhere and at any time! You will receive the status of your form once it gets accepted by the IRS. TaxBandits will even print & postal mail your W-2/1099 copies to your employees/recipients. You can also file all your employment tax returns for current & prior years with TaxBandits’ e-filing software.
Lastly, you’ll enjoy the same level of customer support you’ve gotten from ExpressTruckTax.
Click here to Learn More about TaxBandits, its supported forms & features. Or just hit the button!
