Submit Payments On Schedule : Now that you have your total estimated taxes for the year , divide this amount by four to determine what you must pay per quarter . A few easy ways to submit your quarterly tax payments are :
• Electronically using IRS Direct Pay for your 1040-ES Federal amount and respective State portal ;
• Mail completed 1040-ES vouchers with checks ; or
• Set up automatic withdrawals from your bank account .
Annual Taxes
You are also responsible for filing your annual tax returns . You should receive a 1099 from each company you performed a delivery service to . It is crucial that you receive all 1099 forms and take account of other business expenses prior to filing your taxes . All 1099s that are due to you must be sent electronically or mailed to you , post-marked by January 31st .
Simplify with SCI
It is important to have a reliable system for calculating your quarterly and annual taxes . With SCI ’ s Mobile App , you can easily calculate your estimated tax payment with the built-in Tax Estimator . This will provide an estimate of your Federal and State taxes owed based on your earnings processed through SCI and your mileage for tax deductions .
You can also easily save money through SCI Mobile by signing up for the Tax Escrow Program that allows you to set aside the amount you want withheld from your settlement each pay period . SCI will save this amount in your Tax Escrow account at 0 % interest , and you will receive your money back ten days prior to the IRS quarterly tax date . You are then responsible for making your tax payment to the IRS .
At the end of each year SCI will issue you a single 1099 for all payments processed through SCI . Record maintenance is made easy with the SCI Mobile App , where you can readily access all past and current 1099s issued through SCI , downloadable to your phone with a quick click of a button .
Protect and Grow Your Business
Growing your business while keeping your operations running smoothly is a difficult feat for any small business . Falling behind on required tax obligations could mean expensive IRS penalties that will send your business backwards . Having a third-party administrator at your side that is well-versed in your operations , the Final Mile Industry , and important tax requirements will relieve your administrative burdens and allow you to focus on business growth . CLDA
winter 2024 I customized logistics & delivery Magazine 49