Category: Claim your Tax credit

Form 2290 Essentials for Buying or Selling a Truck

Posted on September 23, 2022 by - Buying Trucks, Claim your Tax credit, Credit Form 8849, selling

Form 2290 must be filed by drivers of vehicles weighing 55,000 pounds or more for the Heavy Vehicle Use Tax. Typically if you are the owner of that vehicle you will be the one that files for it. What happens when a truck of this weight is bought or sold in terms of filing Form 2290?

When buying a vehicle of a qualifying weight the ownership of that vehicle is transferred to you. Now you have to pay the Heavy Vehicle Use Tax for that vehicle and File Form 2290. How much tax you owe depends on the weight of the vehicle you purchase, when you plan to put it on the road, and how much you plan to drive it. 

Form 2290 is due on August 31st because the tax year for the Heavy Vehicle Use Tax goes from July 1st to June 30th of the following year. The month that you put your vehicle on the road for the first time is the first used month. If you put the vehicle on the road in the middle of the tax year, you will owe the tax amount for the months remaining in that year. 

If you sell a vehicle of a qualifying weight, the process is a little different, especially if you have already paid the Heavy Vehicle Use Tax for this vehicle for the year. If you plan to purchase a new vehicle or already have another vehicle, the next time you file you are able to claim a sold vehicle credit on that vehicle. This will reduce the amount of taxes you owe on this vehicle. 

If you do not plan to purchase another vehicle or don’t have another one, you are able to file a Form 8849 which is designed to request a refund for the tax amount for the months that you no longer owned the vehicle. You are also able to file one if you still have or are planning to buy another vehicle, though Form 8849 is processed manually so it can take up to a year to be processed. 

If you are buying or selling a vehicle, ExpressTruckTax makes filing Form 2290 easy. You can file Form 2290 and specify the First Used Month after you purchase a new vehicle now that you have ownership of it. ExpressTruckTax also makes claiming credits on sold vehicles a breeze. Simply file for your new or current vehicle and then specify that you are claiming a credit on the sold one. You will put in the details of the sale, who you sold the vehicle to, their information, and the date of the sale. ExpressTruckTax also makes filing Form 8849 easy too though you have to specify all of the information regarding the sale including who you sold the vehicle to, their information, the date of sale, and provide the bill of sale.

To make your filing experience fast and easy, choose ExpressTruckTax! The entire process only takes a few minutes and can be completed from any device to make it as convenient as possible. What are you waiting for? File with ExpressTruckTax today!

Everything You Need To Know About Claiming Credits On Form 2290

Posted on July 22, 2022 by - 2290 credit, Claim your Tax credit, Credit Form 8849, credit vehicle, Credit vehicles, form 2290 credit vehicle

Do you drive a vehicle weighing 55,000 pounds or more? If you answered yes, you need to file Form 2290 for the Heavy Vehicle Use Tax. If you drive this vehicle less than 5,000 miles a year, or less than 7,500 miles a year if it is used for agricultural purposes, then you must still file Form 2290 but no tax will be owed for this vehicle. In this case, the IRS considers the vehicle suspended because it did not exceed the mileage limit. 

IRS 2290 Form is filed a year in advance, so what happens if you file a vehicle as not suspended, paid the tax but don’t exceed the mileage limit after all? You can claim a credit for this vehicle next time you file Form 2290. 

Claiming credits on form 2290

When filing Form 2290 you need to first file for a truck that you are not claiming credits for, whether it is suspended or not. After entering this vehicle’s information, there will be a section where you are able to claim credits for vehicles. The information needed when reporting these vehicles includes the vehicle’s VIN (Vehicle Identification Number), the vehicle’s make, model, and a detailed description of why you are claiming the credit for this vehicle. 

Other situations where credits need to be filed

Not exceeding the mileage limit is not the only reason that you might need to claim a credit when filing Form 2290. When you sell a vehicle after already having filed Form 2290 and paid the HVUT for it, you will need to claim a credit for it. When entering the information about this credit vehicle in Form 2290 you will enter the vehicle’s information but also details about the sale including the date it was sold and the buyer’s information. This way the IRS knows when you are no longer in possession of the vehicle and how much tax credit needs to be returned.

Another instance where you would need to claim a vehicle credit on Form 2290 is if a vehicle was stolen or destroyed. For these situations, you need to be very detailed in your description of the event and specify when it was stolen or destroyed so that the IRS knows how much tax credit needs to be returned. 

Other options for claiming credits

When you need to claim credits for a vehicle, filing it on your Form 2290 is not your only option. Instead of claiming the credits on Form 2290, you can file Form 8849 Schedule 6. This form is designed only to claim credits on vehicles that meet the requirements. When filing this form, all you need to do is enter the information about the credit vehicle including a detailed description of why you are filing this form for this vehicle. It is recommended that Form 8849 is filed when you no longer have a truck to file Form 2290 to add the credits onto. This is because Form 8849 takes longer to process because the forms are processed manually. In some cases, it can take up to a year or more to get your credit back. If you do still have a truck to file Form 2290, wait until the next time you file and add these credit vehicles to your form instead of having to wait and the credits will be processed at the same time as your Form 2290.

ExpressTruckTax is here to help you claim credits

ExpressTruckTax makes claiming credits when filing Form 2290 easy. When trying to claim credits it is important to keep in mind that clients have three years from the date the return was filed or two years from the date the tax was paid, whichever is later, to file a claim a credit. As long as the credit you need to claim fits into this time frame, ExpressTruckTax can help you claim your credits on your 2290 IRS Form or help you File Form 8849 if needed. No matter how you need to file or report your vehicle credits, ExpressTruckTax offers you the best and most convenient solution. What are you waiting for? File with ExpressTruckTax today and start reporting your vehicle credits today!

Claim Your Low Mileage Refund with ExpressTruckTax!

Posted on May 11, 2015 by - Claim your Tax credit, Form 2290, Form 8849, Form 8849 Schedule 6

As tax season draws ever closer, so does the time for refunds. Who doesn’t love getting money back?!

As the new tax year approaches on July 1st, many of you out there are realizing you didn’t actually reach the mileage requirement for paying heavy vehicle use tax in the previous year.

So, Trucking Nation, how can you get some of that green back?

Your window of opportunity to claim this refund is about to open! From June 1st through the 30th, you can E-file a Form 8849 to claim your low mileage refund. After that, if you’d still like a refund for a prior year low mileage vehicle, you will need to E-file a Form 2290 with a Credit Vehicle.

Who is eligible for a low-mileage refund? Let’s find out!

Who Qualifies for a Low Mileage Refund?

Trucks that traveled fewer than 5,000 miles on public highways during the tax year are eligible for a refund of their HVUT. Moreover, agricultural vehicles that traveled fewer than 7,500 miles on public highways during the tax year are eligible for a refund too.

There are other types of refunds you can get for your heavy vehicle use tax as well! If your vehicle was stolen, sold, or destroyed (or if you overpaid on your heavy vehicle use tax), you are eligible for a refund as well. You can even file for those types of refunds with ExpressTruckTax right now!


I Need a Refund—What Should I Do?

If you’re eligible for a low mileage refund, you may have some questions on how to file. And we have the answers! On June 1 (or right now if you’re eligible for a different type of refund), log into your ExpressTruckTax account and follow these simple steps:

  • Step 1: Select “Start a New Return” and choose start under “Form 8849 Schedule 6”
  • Step 2: Enter the fiscal tax year month end for your business. This is typically in December unless the fiscal year of your business differs from the norm.
  • Step 3: If you have any trucks that were stolen, sold, or destroyed this past tax year, you should enter them first. You will need the VIN, gross vehicle weight, first-used month and the date the vehicle was sold, lost, or destroyed.
  • Step 4: Now, you can enter the VIN, gross vehicle weight and first-used month for any vehicles eligible for a low mileage credit.
  • Step 5: After that, if you’re eligible, you’re onto the overpayment credits. You can enter these by inputting the date of the overpayment tax, the VIN, amount you are claiming, and a short explanation for the IRS to review. 
  • Step 6: Then finally you can review your information, and since we estimate the refund for you, check out how much the IRS will be putting back into your pocket!

The IRS typically issues refunds within 4-6 weeks of filing. Then, you can kick back and enjoy your extra cash!

Register with us today so that come June 1st you’ll be ready to begin E-filing for your refund right away! And don’t forget, you only have until June 30th to file for your Form 8849. After that, you will need to file a 2290 with a credit vehicle.

Always remember, if you have any questions our dedicated Support Team is here to help you every step of the way! You can call at 704.234.6005, e-mail at support@expresstrucktax.com, or even start a live-chat on our website!

So, sit back, relax, and enjoy refund season!

IRS Form 8849-Claim for Refund of Excise Taxes

Posted on August 14, 2012 by - Claim Form 8849, Claim your Tax credit, Credit Form 8849, e-file 2290, Form 2290, Form 8849, irs 2290, IRS 8849, Schedule 6, truck tax 2290

If you sell a vehicle after you have filed your Form 2290 Return, you would need to file Form 8849, Schedule 6 in order to claim your credit.  

You would also use Form 8849 if your vehicle was stolen, destroyed or for any vehicle on which the tax was paid on Form 2290 if the vehicle was used 5,000 miles or less on public highways (7,500 or less for agricultural vehicles) during the tax period (July 1–June 30).

With ExpressTruckTax, filing your Form 8849 is quick and easy. Just create an account or log in if you already have an account and choose the option Form 8849 and follow the steps. We can automatically generate a Form 8849 or even apply a credit directly to any taxes due during the current tax period when using ExpressTruckTax.com.
For more information or to get started today, visit ExpressTruckTax.com. If you have any questions, contact our friendly US based customer support center in Rock Hill, SC at 704-234-6005 or email us at support@ExpressTruckTax.com.