Author: Marcela De Vivo

What Every Trucker Needs to Know About 1099s & W-2s

Posted on January 20, 2020 by - 1099 truck driver, express truck tax, TaxBandits, trucking independent contractor

If you employ any truck drivers (whether full-time employees or independent contractors) you have to report information about how you paid them to the IRS.

If you are a trucking company employee or a trucking independent contractor, you also have to report information about your income to the IRS.

For both parties, this is where 1099s and W-2s come in.

Let’s go over everything you need to know about 1099 Forms and W-2s.

W-2s for employers

The W-2 is designed to report tax information about full or part-time employees (i.e. any employees who receive income that had social security tax, income tax, or Medicare tax withheld).

As an employer, you will use the W-2 to report whatever salary, income with social security, income tax, or Medicare tax you withheld, and any compensations you offered throughout the tax year. You must also send a copy of the W-2 to each of your employees for their personal taxes.

W-2s for truck drivers

As an employee, you will use the information from your employer’s W-2 to file your personal taxes. This will include information like the amount of state and federal tax withheld and total income.

1099s for Employers

The 1099 is designed for anyone who is paid $600 or more in the tax year and does not have taxes withheld for them.

As an employer, you will use Form 1099-MISC to report what the compensation you gave independent contractors.

What employers need to file 1099s

Here’s all the information you’ll need to file 1099s:

Your Information:

  1. Business Name
  2. Business Address
  3. EIN (Employer Identification Number)

Independent Contractor Information:

  1. EIN
  2. OR Social Security Number
  3. Address
There are also additional federal and state details you will need to research depending on what state you live in.
This includes all miscellaneous incomes you provided, the state income, payer state number, and state tax withheld. If you don’t have your subcontractor’s information available, you can request it through a W-9 Form.

1099s for trucking independent contractors

You will take the information provided to you by your employer on their 1099 and use it to report income that was not previously taxed. This means you will most likely end up owing money to the IRS for state and federal taxes, social security and medicare.

trucking independent contractor who used taxbandits for form 1099

The easiest way to file trucking 1099s and W-2s

The easiest solution for filing trucking 1099s and W-2s (and even those W-9s we talked about) is to use our sister product TaxBandits.

Their e-filing solutions make everything simple for you! Just follow the step by step questions and they will populate your forms for you! Pricing starts at just $1.99 per form.

 
 
 

What you need to know about the 2020 W-4

Posted on January 11, 2020 by - Filing Truck Taxes, truck taxes

The IRS has changed Form W-4 for 2020. You might not think the change will affect you, but it almost certainly will.

So how could the new 2020 W-4 affect the trucking industry?

Let’s cover the 2020 W-4 in detail so you understand what the IRS has changed and why it matters to you.

What is the 2020 Form W-4?

The IRS Form W-4 was designed for employees to report tax information to their employers. This includes information like income, deductions, marriage status, and withholding information. 

All of this enables employers to accurately withhold taxes from their employee payroll. This money goes to Medicare, Medicaid, and Social Security.

The new 2020 Form W-4

Who needs the 2020 Form W-4?

Every new employee hired in 2020 is required to fill out the 2020 Form W-4. Even if you have been working for 40 years and you change jobs, you will be required to fill out a new Form W-4.

The Form W-4 is also used to report changes in information for existing employees, such as marital status or additional dependents.

What’s new on the 2020 Form W-4?

The 2020 Form W-4 is actually shorter than the previous versions. This is partly because the IRS was attempting to simplify the form (not that they really did), and partly because they entirely removed one section on the 2020 W-4.

This section removed from the 2020 W-4 was called the “Personal Allowance Withholding Worksheet”. This section was made irrelevant when the IRS did away with personal allowances.

How the new 2020 W-4 is laid out

  • Step 1= Personal information
  • Step 2= Income information from you and your spouse
  • Step 3= Claim your dependents
  • Step 4= Other income you want to record
  • Step 5= Employee’s signature

The best solution for creating 2020 Form W-4

If you’re a trucking employer, you will need to use the new 2020 W-4 every time you hire a new employee. For many employees and employers, the form can be difficult to fill out correctly.

The simplest and most affordable solution is to use the new 2020 W-4 Form from TaxBandits. 

With TaxBandits, you can email your employees a W-4 for them to fill out electronically with step-by-step instructions. That form can then be printed or saved for filing your taxes.

Give TaxBandits a try today!

What You Need to Know About Our New Partnership with CDLLife

Posted on December 31, 2019 by - IRS 2290 e-file

The team at ExpressTruckTax is thrilled to announce our new partnership with trucking news and entertainment provider CDLLife! 

We are now offering our industry-leading HVUT IRS Form 2290 e-filing services to all of their followers through an exclusive landing page. 

Click here to visit the site!

This means, CDLLife users now have a convenient link to our e-filing services! 

CDLLife followers will get the same great rate and they will still get their stamped Schedule 1 within minutes!

The landing page also offers helpful HVUT IRS Form 2290 resources such as FAQs about IRS Form 2290 filing. 

Find helpful information about what you’ll need to file, how much it will cost, and what ExpressTruckTax will do for you!

Give ExpressTruckTax a try today!

Our prices start at just $9.90 for a single truck. E-file your HVUT IRS Form 2290 today!

The Best Christmas Video We’ve Seen This Year

Posted on December 23, 2019 by - Trucker Christmas

There are a lot of voices vying for our attention during the holiday season.

Advertisements. Businesses. Commercials. Everyone wants our time and money.

Well, here’s a video that’s truly worth watching.

The good people over at Averitt Express trucking put together this heartwarming animated video that reminds us of the true impact of truckers.

In the video, Rudolph gets so sick that his nose won’t even glow. Santa is perplexed for a moment.

Then, he whips out his cell phone and gives Averitt Express trucking a call. Averitt arrives within seconds and pick up his packages.

It’s a fun video, but Averitt trucking’s holiday greeting also reminds us of the true impact of truckers. They are the real Santas during this season. Without them, we couldn’t enjoy all our gifts and food.

Thank you truckers and Merry Christmas! Enjoy the video.

Ready For a Change? Here’s How To Get Your Own Authority Right Now

Posted on December 18, 2019 by - factoring, freight load board, insurance premiums

We know 2019 hasn’t been very kind to trucking.

But right now might just be the perfect time to get your own authority.

For instance, freight prices are holding steady and used truck prices are low right now.

But if you’re looking to become an independent owner-operator, you’re going to need a lot more than just your own equipment. 

Here are all the things you’ll need to become an owner-operator truck driver that you probably hadn’t considered.

Truck Registration

You’re going to need a lot of registration to get your own authority. Here are two of the most important ones:

USDOT Number:

Issued by the FMCSA (Federal Motor Carrier Safety Administration), USDOT Numbers are required for vehicles that haul cargo or transport passengers interstate and that meet one or more of the following requirements:

  • Has a gross or combined weight of 10,001 lbs or more
  • Transports 8 or more passengers for compensation
  • Transports 15 or more passengers not for compensation
  • Transports hazardous materials.

The USDOT Number serves as your identification during inspections, compliance reviews and more.

MC Number: 

The MC Number serves as your interstate authority, or your right to travel between states. In addition to your USDOT Number, you may be required to obtain one or more types of authority through the FMCSA based upon your business and the type of cargo you carry.

The type of authority obtained will determine the type and level of insurance coverage needed.

For a full list of registration requirements, check out this blog.

Trucking insurance

That’s right. You’re going to be the one coughing up the premium for insurance. Not only is it important to protect yourself in case of an accident, but insurance is also required legally.

There are a number of different coverage options available, so be sure to do your research to find the right kind from the best provider.

Find a good load board

As an independent owner-operator, you’ve got to find business for yourself. Finding a solid load board where you can bid on profitable, convenient loads is very important.

Our top pick for a load board is DAT. They have a simple and easy to use marketplace where you can choose from over 235 million loads posted per year.

Factoring

Factoring can be a huge asset to small trucking operations. In many instances, final settlements from completed loads can take weeks or months to receive. 

Factoring companies help by giving you the money upfront and then bearing the responsibility of tracking down the settlement from your clients. This can help you keep the bills paid on time.

Use a good TMS

You need a centralized location where you can track all of your loads, expenses, and maintenance.

That’s where TruckLogics Trucking Management Software (TMS) comes in. With their web-based software, you can enter and track records from anywhere, even your cell phone.

Some of their great features include automated check calls, expense tracking, invoicing and billing, IFTA compliance, and business reports.

The best part is you can get a 15-day free trial. There’s no obligation and no credit card information required.

OOIDA Fights for you: What You Need to Know

Posted on December 11, 2019 by - Uncategorized

The Owner-Operator Independent Drivers Association (OOIDA) has been fighting for the rights of truckers since 1973.

By organizing the voices of small trucking operations, they have been able to effectively lobby for positive change at a state and federal level.

They have gone fought against proposed regulations that have threatened small trucking operations and won.

With over 160,000 members, they have a proven track record of influencing legitimate, positive reform.

OOIDA Success Stories

1979

At OOIDA’s prompting, Congress investigated the problems small trucking operations were having. This led to the Interstate Commerce Commission (ICC) creating Truth-in-Leasing regulations.

According to transportation.gov:

“These regulations, commonly known as the truth-in-leasing regulations, required, among other things, that the authorized motor carrier fully disclose in the lease all deductions from owner-operator compensation and established requirements governing escrow funds deposited with the motor carrier to guarantee performance or cover expenses initially paid by the carrier but ultimately borne by the owner-operator.”

1985

A 1984 OOIDA suit against Oklahoma’s ICC registration fees prompted the state of Oklahoma to lower registration fees.

1989

OOIDA established it’s own Political Action Committee (PAC) so it could readily oppose legislation that would harm truckers.

1992

In a lawsuit against Tennessee PSC commissioner Keith Bissell, U.S. District Judge Robert Echols sided with OOIDA. According to The JOC Group, “a number of witnesses have testified that safety violations filed by roadside inspectors would be dropped for trucking companies that made political contributions.” Ultimately, an injunction was ordered.

1996

OOIDA stopped an attempt to lower speed limits for commercial motor vehicles.

2004

Under influence from OODIA, the Federal Motor Carrier Safety Administration ruled that drivers can see previous records when looking at new employers.

Modern Issues

But OOIDA hasn’t stopped fighting for you. Their recent work for better legislation includes:

  • ELDs
  • HOS
  • Speed Limiters
  • Compensation

In 2018, OOIDA acted on a number of these issues by:

  • Filing ELD exemption request for small trucking companies that have a proven track record of safety.
  • A lawsuit against Pennsylvania’s proposed tolls.
  • Publicly calling out Indiana’s truck-only toll plan.

Support OOIDA by signing up for a membership!

Add your name to the 160,000 other truckers who trust OOIDA to fight for them!

Use Express Truck Tax to file your 2290.

Express Truck Tax is recommended by OOIDA to all its members for HVUT tax filing.

Australian Truckers Will Blow Your Mind

Posted on November 13, 2019 by - ETT, express truck tax, long haul truck driver, outback truckers, road train, truck facts, truckie

In Australia, truckers are called “truckies”. Despite their cutesy-sounding nickname, these drivers are seriously hardcore.

They haul huge loads with multiple trailers (called “road trains”) through thousands of miles of uninhabited outback desert.

As an outback trucker, you don’t want to get stranded. Out here, you can die in a matter of hours without water.

Australian trucks come equipped with heavy-duty bars designed to plow right through stray kangaroos without stopping.

Australia’s Outback Truckers

As a country, Australia is approximately the same size as the United States. But that’s where the similarities end.With a population of just 25 million, mostly concentrated around the coasts, Australia has thousands of square miles that are almost entirely empty.About the only people living out here are farmers who manage remote cattle ranches. These massive swaths of land are so dry that they require miles of grazing land for even small herds.

Road Trains

Connecting these people to the outside world are long haul outback truckers who run massive road trains of supplies into small towns.
They are possibly more important to the Australian outback than American truckers are to American farmland.Without these enormous road trains, the most remote communities would never get supplies.It’s not just the long hauls outback truckers have to deal with. There’s also scorching heat in the summer and horrendous rainy seasons.

Many times, truckies are so far from civilization that major mechanical problems can quite literally result in life or death situations.There have been many reports of people dying in the outback after their vehicles broke down just because they didn’t bring enough water to stay hydrated.Life on the road for truckies is much the same as for American Truckers. They spend a lot of time sleeping in trucks and away from their families.

For the most part, they drive Mack and Kenworth. And in most parts of Australia, truck stops are much smaller and much farther apart. There is often little or no cell service.

The life of the Australian truckie is far more hardcore than that of the American trucker. But in much the same way, they are the heroes of their transportation industry.

Express Truck Tax

At Express Truck Tax, we know that trucking is very time-consuming. That’s why we recommend our sister product TruckLogics to all our clients.

Their trucking business management software helps streamline dispatching, expense reporting, invoicing, maintenance, and so much more.

Get a 15-day free trial today! They don’t ask for payment information and there’s no obligation.

4 Surprising Trucking Facts That You Never Knew About

Posted on November 7, 2019 by - ETT, express truck tax, fastest semi truck, truck facts, trucking industry facts

Here at Express Truck Tax, we dug up some truly surprising trucking industry facts that you need to know about.

Enjoy this list of historic world firsts in the trucking industry.

Trucking Industry Facts You’ve Never Heard

First Semi-Trucks

It is widely reported that the first semi-truck was invented in 1898 by Andrew Winton.

He used the first semi-truck to haul his automobiles and avoid putting wear and tear on them before delivery.

At this point in American history, there were no interstate systems and most roads were still unpaved dirt. In fact, in 1900, only 4% of roads were paved.

Traveling by road was much more difficult and most freight was transported by train. However, over time, trucking became the preferred method to reach rural communities that were not being served by trains.

The trucking industry truly exploded as networks of paved roads expanded and the interstate system was begun in 1956.

Fastest Semi-Trucks

The fastest semi-truck in existence is actually hard to nail down. There are many kinds of trucks competing for the title: standard diesel, electric, and one insane jet-powered trucks.

Diesel

The fastest standard diesel semi-truck we could find is Volvo’s Iron Knight. They only made one, created specifically to go as fast as possible.

But just take a look at these stats about the fastest diesel semi-truck:

– 2,400 horsepower (for reference, the Peterbilt 379 has 475 horsepower)
– 4,425 pound-feet of torque (most new Peterbilt engines have about 1,500 pound-feet)
– 500-meters (1640.42 feet) from a dead stop in 13.71 seconds
– 1,000-meters (3280.84 feet) from a dead stop in 21.29 seconds
– 171.5 mph top speed

Watch the Iron Knight outrun a sports car:

Electric

The new Tesla electric semi-truck is set to hit roads in 2020. Love it or hate it, this semi-truck is seriously fast, and it’s actually going to be available to the general public.

Check out what Tesla says about their electric semi-truck:

– 0-60 mph in 5 seconds empty
– 0-60 mph in 20 seconds with 80,000 lbs. load
– 500-mile range at gross vehicle weight and highway speed

Jet-Powered

Last is the seriously insane, jet-powered Shockwave custom Peterbilt. This semi-truck is powered by two huge jet engines that shoot massive flames and propel the truck to a top speed of nearly 400 mph.

Check out these other stats about the fastest jet-powered semi-truck:

– 36,000 horsepower
– 376 mph top speed
– A quarter-mile in 6.5 seconds (the Iron Knight did a similar distance in 13.72 seconds)

Longest Semi-Truck Loads

It’s no secret that normal Australian truckers (called truckies) run massive “road trains” with three, four, or sometimes five trailers.

Their trucks are outfitted with massive grill protectors meant to plow right through kangaroos and other animals that get in their way.

But this Guinness-World-Record-setting road train is the craziest thing we’ve ever seen.
With a single Mack truck, John Atkinson hauled 153 trailers — for about 500 feet. It’s still pretty insane though.

Most Expensive Semi-Trucks

The most expensive semi-truck is this custom Mack truck. It’s another example of a very impractical truck design.

Built for the Sultan Ibrahim Ismail of the Malaysian state of Johor who needed to drag his speedboat, this thing reportedly cost over $1 million.

Check out these over-the-top stats about the most expensive semi-truck:

– 72,000 stitches of gold thread,
– A six-camera closed-circuit TV system
– Imported leather upholstery
– Solid wood flooring
– Stone-topped counters
– XBOX and Playstation

We don’t want to know what the taxes would cost on a truck like the Sultan’s. One thing is for sure, the Sultan doesn’t have to pay HVUT and IFTA taxes. But you do.
Fortunately, Express Truck Tax is here to give you service fit for a king.

Are You Caught Up With Your Truck Taxes?

Posted on October 29, 2019 by - 2290 tax, 2290 tax form, 941 Form 2019, 941 taxes, express truck tax, expresstrucktax, Form 2290, form 941, IFTA, ifta fuel tax, IFTA tax, IRS 941, IRS form 2290, IRS Form 941, truck taxes

Being a trucker isn’t easy. It seems like everyone on the road thinks you’re in their way, and yet the demand for delivered goods just keeps increasing.

On top of that, you have some serious bookkeeping to maintain.

Luckily for you, there are online software solutions like ExpressTruckTax to help take the paperwork off your plate.

Here are some yearly and quarterly truck taxes you need to be aware of in order to avoid penalties and interest.
Watch out for these truck taxes:

IFTA Fuel Tax

The IFTA fuel tax is a quarterly tax used to collect and distribute fuel tax revenue between jurisdictions.

IFTA simplifies truck taxes by allowing you to travel in all participating member jurisdictions with a single fuel tax license.

You’ll need to file report your IFTA tax to your base jurisdiction 4 times a year.

Here are the IFTA fuel tax deadlines you need to be aware of:

Quarter
Period
Due Date
1st
January – March
April 30
2nd
April – June
July 31
3rd
July – September
October 31
4th
October – December
January 31
Notice that the 3rd quarter IFTA deadline is approaching soon on Halloween!
Use ExpressIFTA, an online IFTA reporting software, to track all of your fuel records and generate your quarterly IFTA fuel tax reports online.

IRS Form 2290

Form 2290 is due annually, so you only need to worry about it once a year.

It’s coupled with the Heavy Use Vehicle Tax, which is the 2290 tax amount you must pay in addition to filing Form 2290.

Hopefully, this one doesn’t need to even be on your radar for months. It was due September 3, 2019. (Normally, Form 2290 is due August 31, but that date fell on a weekend).

If, however, your Form 2290 was rejected, or if you still have not filed IRS Form 2290 for 2019-20, you’ll need to do so right away. IRS penalties and interest for this tax are not forgiving, and they only increase with time.

Online filing takes less than 10 minutes, so there’s really no reason to endure hefty penalties.

Trucking down the highway, up to date on truck taxs like IFTA fuel tax and Form 941.

If you put off filing your 2290 tax form due to your inability to afford the 2290 tax, it’s important to note that the penalty for filing your Form 2290 but failing to pay your 2290 tax is substantially lower than failing to file and pay.

In addition to avoiding penalties, it is necessary to file your 2290 tax form each year in order to receive your stamped Schedule 1, which is required for operation.

Use ExpressTruckTax, the industry’s leading IRS-authorized e-file provider, to file IRS Form 2290 in minutes from anywhere on your phone, tablet, or computer. Never even set foot in an IRS office during one of the busiest truck tax seasons.

941 Taxes

Form 941 is relevant if you own and operate a trucking business with employees, as it is used to report employment taxes and calculate the employer’s portion of Social Security and Medicare tax.941 taxes are quarterly, meaning they’re due 4 times a year:

Quarter
Period
Due Date
1st
January – March
April 30
2nd
April – June
July 31
3rd
July – September
October 31
4th
October – December
January 31

As you can see, the 3rd quarter 941 Form 2019 deadline is coming up. Make sure you know whether or not you need to file 941 taxes. Unsure if you need to file? Read more here.

If you do need to file IRS Form 941, you’ll want to check out TaxBandits. Forget the paperwork, simply file 941 taxes online in a few minutes. Plus their interview style e-filing process and automatic error checks ensure success.

Keep up with your truck taxes! You don’t need to be spending unnecessary money on penalties and fees. Check out ExpressTruckTax, ExpressIFTA, and TaxBandits today. You’ll be glad you did.

Trucking 101: Everything You Need to Know About ExpressTruckTax

Posted on October 24, 2019 by - express truck tax, expresstrucktax, Form 2290, IFTA deadlines, IFTA filing, ifta fuel tax, IFTA reporting, irs 2290, IRS form 2290, truck driver, truck taxes, trucking

You might already know that ExpressTruckTax is here for your Form 2290 filing needs.

In fact, we’re the industry-leading e-file provider for IRS 2290.

But what else do you know? Find out other ways we can help you with truck taxes to take the paperwork out of trucking.

Truck Taxes

IRS Form 2290

Did you use ExpressTruckTax to file Form 2290 this year? If so, thanks for choosing us!

Our number 1 referral method is word of mouth, so be sure to tell your friends about your experience.

If you didn’t file with ExpressTruckTax, or haven’t heard of us before, here’s the rundown:

1.  ExpressTruckTax is an IRS-authorized e-file provider.

That means our system is authorized by the IRS to participate in the IRS e-file program. Not only are we backed by the IRS, but we run on cloud-based software, keeping your sensitive information safe and secure.

2.  ExpressTruckTax takes the paperwork out of filing.

No, seriously. You never need to touch a piece of paper to file IRS 2290, and you definitely don’t have to stand in those ridiculous lines at the IRS. Honestly, I hope no one is still doing that.

3.  ExpressTruckTax is here for you.

The ExpressTruckTax support team is a US-based, live support team, meaning you’ll always get a real human on the phone who knows what they’re talking about.

Best of all, you’ll get your IRS 2290 stamped Schedule 1 just minutes after filing Form 2290.

IFTA Fuel Tax

So, maybe you knew all that, but did you know we can help with IFTA filing too?

Simply log in to your ExpressTruckTax account, or create one for free. Then, select the “IFTA” tab at the top of the home page.

IFTA filing has never been easier. It’s all the ease of Form 2290, but with IFTA reporting!

Don’t forget, your 3rd quarter IFTA deadline is October 31, 2019. File your IFTA fuel tax by Halloween to avoid penalties and interest.

Truck Drivers Are Our Priority

Now you know a little bit about how ExpressTruckTax can help you, especially with IRS Form 2290 and IFTA fuel tax.

We’re here for you. Our top-notch customer support team is available to help, whether you need to make a correction on your Form 2290, have questions about IFTA filing, or need clarity on truck taxes and deadlines.

We’re here to take some of the hassle and paperwork out of being a truck driver, but most importantly, we’re here for you.

Check out our other blogs to find more resources to help you succeed in the trucking industry.
Happy trucking!