Truckers and carriers face many legal issues during their daily work. Everyday we have more obligations to fulfill, both economically and legally. On one hand, you have to fill in the IFTA reports quarterly, DOT inspections, log book, and other rules and regulations that affect our work. Of course, other tasks such as tax reports are added to this list of obligations, which must meet deadlines because, if not, we could have to pay fines.
So, we will go in order of the dates for each report. The deadline for the Internal Revenue Service report, with the form 1099-Misc, is February 28th of this year. Remember to have key information such as the social security number and the name and address of the person who is filing this form. You must also provide the same information of the person or company you worked for and have received any compensation in the past year. It is very important that when you receive your 1099-Misc forms you compare the information about the payment amount that has been reported to the IRS with your data, this way you will avoid having doubts about the amount reported. Keep in mind that gathering the information to be presented requires time and dedication, as there is data related to money that affects your pocket and the pocket of the person who the form is addressed to.
March 15th – Tax Reporting for Corporations and Limited Liabilty Companies.
The tax law sets the date for corporations, both Small Business Corporations (“S” Corp) and C corporations, to report the taxes of the 2015 year before March 15th, 2016. Therefore, the LLC will be at March 15th, 2016. Regarding this, the law has changed since previously, when the date to report was April 15th, as well as individual taxes reports.
It is best to prepare the corporation’s financial statements and attach account documents stating what the corporation has in the bank. Compare the total income you had and state which amounts were paid to each partner regarding their services rendered to the corporation. Call your accountant or Jagg Tax Solution for more information.
Remember, if you have questions on this or other item call Jagg Tax Solution Inc. at (909) 590-9307.