<p>We are constantly at risk of facing penalties and interest for not fully complying with our tax obligations. As truck drivers, we are always busy with our work, whether it&acute;s transporting a load, getting our equipment repaired, or performing regular maintenance. Days go by without us noticing important tax deadlines. Here are the upcoming reporting dates and how you can avoid penalties and interest from Uncle Sam.</p> <p><strong>Important Tax Deadlines</strong><br /> Both individuals or independent contractors, corporations, and Limited Liability Companies (LLCs) have specific tax filing deadlines. However, some forms apply to all types of taxpayers, as long as they are required to file them. One such example is Form 1099 and 1096-MISC, which are due by January 31, 2025. If you fail to submit this form by the deadline, you will be charged $15 per form for each month it is delayed. Additionally, if you are audited by the IRS, any payments claimed using an unfiled 1099-MISC will be disallowed. Therefore, it is crucial to ensure these forms are submitted to the Internal Revenue Service.</p> <p><strong>Form 1040 and Single-Member LLCs</strong><br /> This form must be filed no later than April 15, 2025. If, for any reason, you are unable to meet this deadline, don&acute;t forget to request an automatic six-month extension, which expires on October 15, 2025. It is important to note that the extension is not for paying taxes. If you believe you owe taxes, try to send an estimated payment along with your extension request. Our recommendation is to file your taxes by the due date to avoid penalties of up to 25% plus interest.</p> <p><strong>S Corporations and Multi-Member LLCs</strong><br /> Generally, all corporations must file their tax returns by the 15th day of March, but for this year, the deadline is March 17, 2025. For these types of corporations, the penalty is $240 per partner for each month the report is late or if incomplete information is provided, such as omitted income, the number of partners, or failing to include the required Schedule K for each partner. Additionally, the penalty for not providing this form to partners ranges from $100 to $250 per form.<br /> If you have taxes due and fail to pay them, the IRS can charge penalties ranging from 0,5% to 1%, up to a maximum of 25%, depending on how many months late the payment is. Even if your corporation had no business activity during the year, remember that you are still required to file a $0.00 tax report.</p> <p><strong>Tips to Avoid Penalties</strong><br /> To avoid unnecessary penalties, we recommend complying with the above deadlines. Organize your documents and schedule an appointment with your accountant. Don&rsquo;t wait until April 15!</p> <p>&nbsp;</p>