Restaurant Management Software. E-File Form 2290. When Do I Need to File Form 1099 MISC? In Business | Published 2017-01-11 04:55:44 | 42 Reads | Unrated Summary The deadline for certain 1099-MISC Forms has changed! With the IRS updates made this year, it’s possible you’ll need to file Form 1099-MISC sooner than you may have expected. Read on to find out more about what’s reported on Form 1099-MISC as well as when you need to have it in to the IRS to a void any filing fees! Full Content Tax year 2016 filing has begun and Form 1099-MISC is an important one to discuss! IRS Form 1099-MISC is filed to claim to the IRS and other government agencies that taxable payments have been made to a certain person who is not an employee of the payer. That part about “in your trade or business” is important: payments made to ind ependent contractors for personal or household services (like gardeners or baby-sitters) - even ones that exceed $600 - don’t need to be reported on Form 1099-MISC.
When Should I File Form 1099 Misc? How to File Form 1099 Misc? Comments Add Comment: Form W-2: Late Filing Penalties for Employers. In Business | Published 2017-01-03 02:36:56 | 22 Reads | Unrated Summary Form W-2, Wage and Tax Statement, is an important information document that reports wages paid to employees by employers throughout the calendar year. Full Content Form W-2, Wage and Tax Statement, is an important information document that reports wages paid to employees by employers throughout the calendar year. E-file form W-2 Form W-2 is completed by employers each year. Return to the Social Security Administration. W2 Deadlines 2016 W-2 Forms have a new set of deadlines this coming year. Not Filing W2 Penalties This is important to remember as the penalties for late filing W-2 Forms late are penalties you’d probably rather not incur.
The penalties are as follows: if you file your forms Within 30 days of the original deadline, you can be charged up to $30 per Form W-2. You can avoid late-filing penalties if you’re able to show your failure to file was due to circumstances beyond your control rather than willful neglect. IRS Form 1099-MISC Filing Has Begun! Are You Ready? Form 1099-MISC, or Miscellaneous Income, is an important part of a business's yearly information return filing. It is used to report a variety of different types of income and annual payments.
These are payments that don't go to your typical employee. In fact, payments reported on Form 1099-MISC aren't payments made to employees at all. Every year, Form 1099-MISC is used to report royalties or broker payments in excess of $10. It is also used to report payments of $600 or more in rents, services performed, prizes and awards, medical and health care payments, attorney payments, crop insurance and fishing boat proceeds, and more. Self-Employment Taxes Form 1099-MISC can be used to report self-employment taxes when received after certain payments are made to self-employed individuals. Some self-employed individuals may be surprised to receive a Form 1099-MISC because they don't consider themselves to own a business or be self-employed. Independent Contractors. How to Prepare Form 1099-MISC for Tax Year 2016? 5 Tips to Help Keep Truck Drivers Awake.
Sleeping is always a concern for truckers — but on the flip side, so is staying awake. While truckers are out on the road, the danger of falling asleep at the wheel is ever present. While we normally give you sleeping tips, today we’re going to focus on tips to help keep truck drivers awake! Exhaustion Awareness Yeah, you’re gonna get exhausted working on a flatbed all day. Really, any job will tire you out. Make sure you’re awake and alert before you start driving, and you’ll be in a better place throughout. Get Better Sleep As we’ve said before, sleeping can be hard. Of course, if you need to knock out a pre-drive nap shortly before taking off, that’s also not a bad idea. Being Mindful Like we said for meditation, being at peace in your mind will help you a lot. When you’re out on the road, you can find yourself angry or sad at your co-workers, family members, and friends.
Keep yourself even tempered and focus on the job at hand. Change the Conditions Caffeine Levels. Fuel Tax Tip: File Your IFTA in Minutes, Not Hours. Four times a year, truckers are faced with the worst thing possible - a tax deadline! Not just any deadline, though. The dreaded IFTA deadline. So let’s talk about how you can get through the fuel tax deadline without losing your mind. IFTA Basics: First of all, newer truckers (or those not in the know) might wonder, what is IFTA? To put it frankly, the the International Fuel Tax Agreement is a system used to collect and allocate taxes on fuel usage from truckers and transportation companies per base jurisdiction. So basically, it's the system used to distribute the tax money where it needs to go. What Do I Need to Get Started? Make sure you have your records ready to go, basically.
How Can I File My IFTA Returns in Just Minutes? We feature a lot of tools that can help you file in just minutes. Like our trip logs and trip sheets, which allow you to summarize all of your fuel tax information by each IFTA quarter. So how do you file within minutes? Let’s Get Ready for the 3rd Quarter IFTA Deadline. We’re in the middle of the 3rd Quarter, which means you still have time to get ready for the upcoming deadline. We’ve gathered our best tips that can help you survive your IFTA filing.
So without further ado, here are our IFTA preparation tips: Don’t Procrastinate! The first thing you need to do is clear your docket! If you’ve been living under a rock, you may have missed that the heavy vehicle use tax due date for 2016-2017 is August 31st. That’s only a few weeks away! So what should you do? After your IRS Form 2290 is filed, you can move on to planning out your next fuel tax return. Keep Better Records Basically, if you want to get ahead on your next IFTA tax return, start with better record-keeping. Of course, you could always just use trucking management software.
Trucking Software Can Help If you really want to get ahead of the curve for your next IFTA filing, you should look into a transportation business management software with IFTA reporting capabilities. Know Your Deadline. IFTA Reporting: Upload Multiple Records. Have multiple odometer records to report on your upcoming IFTA return? Well, we’re here to tell you that you can upload all of your odometer records in a single place using ExpressIFTA! About ExpressIFTA When you use ExpressIFTA to prepare your IFTA fuel tax filing, you learn that tax reporting can be hassle free. ExpressIFTA allows you to quickly and easily keep track of your mileage, fuel purchases and more, all conveniently online.
Best of all, you only pay when you're ready to print your IFTA Quarterly Fuel Tax return. To get started, simply create an account and begin entering your trip sheet information. How to Upload Your Odometer Records? There are several ways to upload your odometer records with ExpressIFTA, including ifta trip sheets, quick entries, and bulk uploading. For trip sheets, you start by inputting your trip details, and then simply enter the mileage traveled by odometer. For the Express Upload feature, you choose if you are using odometer or distance records. What Are the IFTA Late Filing Penalties? Nobody likes late fees. That’s especially true when you’re a truck driver who spends most of their life on the road.
Some people get so frustrated with their IFTA filing, they shrug off their responsibilities until it's too late. While you might think IFTA is an annoyance, you need to report your fuel tax miles. After all, you could be slapped with major IFTA penalties if not! What Are the Penalties for Late Filing? In most states, the IFTA late filing penalty is a flat rate fee of $50 or 10% of the taxes due, whichever is greater. However, Nevada is a bit different. How Does This Affect Me? Starting the month after you receive your original penalty for late filing, you will be charged .4167% of the tax due every month until the tax amount is paid. Again, Nevada is the an exception to this rule. What's the Worst That Could Happen? As it turns out, many states will actually revoke an IFTA license if a quarterly return isn’t filed or if multiple returns are filed late. Form 2290. Who Must File HVUT Form 2290?
If you’re a trucker with a vehicle that has a taxable gross weight of 55,000 pounds or more, you are required to file IRS tax Form 2290 to get a stamped copy of your Schedule 1. You must file for any taxable highway motor vehicles that are required to be registered in your name under state, District of Columbia, Canadian, or Mexican law at the time of its first use during the tax period.
What is Required to File IRS Form 2290? To file form 2290, you need the details of your business, including your business name, address (a sole proprietor can use their legal name and address), EIN (Employer Identification Number), and details of authorized signatory. Please note: You must have an EIN to file Form 2290. You will also need the details of your vehicle, including the VIN (Vehicle Identification Number) and the gross taxable weight.
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