Form 941 Filing Requirements for Your Trucking Business!

Your trucking business keeps you on the go, here's a closer look at the payroll forms you may be required to file!

Operating your own business means that you are always on the move, if you are operating a trucking business, you are literally on the move!

IRS tax compliance is a multifaceted process, however, if you have employees, this only adds to your tax filing requirements. 

One of the most pressing types of IRS tax requirements for employers is the Form 941. This is a quarterly filing obligation with an upcoming deadline on October 31, 2023. 

Keep reading for an overview of Form 941, who is responsible for filing, and the 941 deadlines for filing with the IRS. 

What is Form 941?

Form 941 is the Employer’s Quarterly Tax Return. This form is filed by businesses each quarter to report the amount of wages, tips, and any other compensation that they’ve paid their employees. They are also required to report their tax liability for the quarter, and 

Is your Trucking Business Required to File Form 941? 

Whether your trucking business needs to e-file 941 depends on your unique situation. Form 941, the Employer’s Quarterly Federal Tax Return, is usually what employers use to report income taxes, Social Security tax, and Medicare tax that they withhold from their employees’ paychecks, along with the employer’s share of Social Security and Medicare taxes. 

So, if your trucking business keeps folks on the payroll and you’re deducting federal income tax, Social Security, and Medicare tax from their earnings, then yes, you’ll likely need to file Form 941 every quarter. But, if you’re a one-person show or a single-member LLC and you don’t have employees, opting for contract drivers instead, you might not have to worry about Form 941.

 Still, it’s a good idea to chat with a tax expert or reach out to the IRS if you need tax advice about your specific requirements and ensure you’re following all the tax rules that apply to you. 

What are the deadlines for filing Form 941?

There are four quarterly deadlines that businesses are required to meet whether they paid wages and withheld taxes during the quarter or not. With the exception of seasonal employers, once a business files its first 941 form, it should continue to file quarterly while the business is operational. Once a business is closed, they should file their final Form 941 and check the box provided on the form to indicate that this will be the final return. 

Here are the IRS deadlines for Form 941, if these dates fall on a weekend or federal holiday, the next business day automatically becomes the deadline. 

  • First Quarter Deadline – April 30th
  • Second Quarter Deadline – July 31st
  • Third Quarter Deadline – October 31st
  • Fourth Quarter Deadline – January 31st

What is the difference between an Employee and an Independent Contractor?

How your business structures and labels its workers can vary. In the trucking industry, where your team is literally on the go, the line between employer and independent contractor can become blurry. Here are the key differences between an employee and an independent contractor. 

Employees work under their boss’s guidance, have set hours, and the company handles taxes. They often get benefits like health insurance. Independent contractors, on the other hand, are freelancers. They do their own thing, set their hours, and pay their own taxes. No strict boss-employee relationship, and no employee benefits. 

This is important to your quarterly tax filing because you will only withhold taxes from your employee’s wages, and this is the only information that is required on the quarterly Form 941. Since you aren’t responsible for withholding taxes from your independent contractors, you won’t include their wages and compensation on the 941

E-filing Form 941 with TaxBandits

E-filing your quarterly 941 form is easier than ever with TaxBandits! We offer an array of time-saving features to help you meet your payroll tax filing requirements on the go. TaxBandits has built-in error checks to help you file accurately, we send you reminders to help you meet your deadlines with ease, and there is a Zero-reporting feature if you have no taxes to report for the quarter. 

More IRS Tax Forms Supported by TaxBandits!

TaxBandits has all of your year-end business tax filings covered. You can file W-2s for your employees, 1099 for independent contractors, and Form 940 to report FUTA taxes with ease. 

Plus you can save time and money by purchasing prepaid credits! This helps you lock in this year’s pricing. If you have credits left over, you can use them again next year because they never expire. 

Work smarter, not harder with TaxBandits!

Create your free account today to maintain IRS compliance for your trucking business!

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