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.
Notice that the 3rd quarter IFTA deadline is approaching soon on Halloween!
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).
Online filing takes less than 10 minutes, so there’s really no reason to endure hefty penalties.
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.
941 taxes are quarterly, meaning they’re due 4 times a year:
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.