The Different IRS Forms for Truck Tax Explained

Like everyone else, truckers need to pay their taxes. And while this may not be the most exciting of topics, it’s, nevertheless, one that’s very important. That said, spending weeks on the road, then having to fill out reports can prove to be a challenge. Yet, this is something that needs to be done. So, what IRS forms do truck drivers have to deal with?

IRS Forms for Truck Tax

W-2 Form – Truckers working under a company will most likely receive a W-2 form, which will report the trucker’s annual income. These forms are due to be presented to employees by the end of January. Truckers will then take this form to report their taxes on the standard federal income tax form 1040.

Form 1040 –  This is used by US taxpayers to file an annual income tax return. Most people can submit this form without schedules. However, if your return is more complicated (including claiming certain deductions, credits, or owing additional taxes), you will need to complete form 1040 with the required schedules.

If you are an agent or commission driver, on the other hand, you may see the “Statutory Driver” box checked on your W-2. Statutory and self-employed drivers should fill out Schedule C in form 1040, which is used to assess business profit and loss.

Form 1099 – If you are an owner-operator truck driver or have worked as an independent contractor, you can also choose to file the Form 1099. This form is used to report miscellaneous annual income.

Form 2106 – Also known as Employee Business Expenses, the IRS Form 2106 can be used by truck drivers to deduct all of their trucking-related employee business and travel expenses as well as take advantage of the per diem deductions. To do so, the trucker will need to itemize their work expenses along with other itemized tax deductions.

All of these travel and business expenses will be reported in Column A of form 2106, while the per diem expenses will be reported on Column B. Once completed, this tax form will be transferred to your federal Form 1040.

Form 2290 – Known as the Heavy Highway Vehicle Use Tax Return (HVUT), this is an annual tax assessed on heavy vehicles that operate on public highways, as long as their taxable gross weight is equal to or more than 55,000 pounds. For vehicles above 75,000 pounds, the maximum HVUT is $550 per year.

The Bureau of Motor Vehicles will require a proof of payment of HVUT every year, while non-compliance will lead to a penalty. The tax period is between July 1 and June 30 of next year.

You will have to pay the HVUT if you expect to exceed 5,000 miles (7,500 miles for Agricultural & Logging vehicles) during the tax period. If not, you can file the vehicle as Tax-Suspended, meaning that you will have to pay no tax.

Form 8849 Schedule 6 – With this form, you can claim any overpaid taxes, as well as any refunds for stolen, sold, or otherwise destroyed vehicles. You can also use this form when you’ve used less than the mileage use limit.

Form 8936 – This form is used to figure out your credit for qualified plug-in electric drive motor vehicles in service during that tax year.

While the list of forms presented here may not be exhaustive, it does, however, hold some of the most common forms that truckers will come across whenever they have to deal with the IRS.

If you want to know more, or would like to receive some help in your dealings with the IRS, feel free to contact us at Golden Tax Relief. We’ll make sure to provide you with the advice and help you need.

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