Posted on August 19, 2011 by Santamarina Joseph - 2290 e-file, 2290 tax, e-file 2290, Expresstrucktax.com, Fleet Owners, Form 2290, Form 2290 E-file, Form 2290 filing delay, IRS Tax Implications, Tax 2290, truck drivers, Truck Operator tax, truck taxes
For many Owner-Operators of Heavy Highway Vehicles, the benefits of self employment make being on the open road a very exciting experience. However, due to the heavy regulation of the Trucking and Transportation Industry, there are various taxes you must pay for self-employment income earned as an independent truck driver. Since self-employed individuals are not subject to tax withholding, there is more control over periodic tax payments throughout the year, which can be cut down by claiming deductions for business expenses. Self-Employment Tax
The Self-Employment tax applies to truck drivers who operate their own business. These taxes are imposed in order to fund the Social Security and Medicare programs. The disadvantage of paying these taxes as a self-employed individual is that you owe twice as much as taxpayers who earn their income from employment. This is because employers are responsible for paying the other half of these taxes for their employees. There is somewhat of a silver lining to this though, the IRS does allow you to claim a deduction for 50 percent of the self-employment tax payments you make as an adjustment to income.
Truck Driver Deductions
You are not required to pay income tax or self-employment tax on your gross earnings from self employed truck driving. Instead, it calculates your tax due on net earnings, which is equal to your gross earnings minus all deductions you can claim. In order to claim a deduction, the expense must be ordinary and necessary to operate your business. This may cover any number of expenses you incur, but typically, truck drivers may deduct the cost of gasoline, oil, truck repairs, insurance and parking charges. You may also deduct the cost of the truck itself by including the lease payments or depreciation of the purchase price in your deductions. And, if you ever stay in a hotel during those long road trips, you may deduct your lodging expenses also.
Other Truck Taxes
IRS Form 2290 is meant to send information about the usage of a commercial truck and to pay taxes on that use to the IRS. You can use this form for a single truck filing, or up to twenty-five vehicles can be reported on one form. The major reasons for filing the form include:
The typical Tax year for Form 2290 is from July 1st to June 30th of the next year. The form and any payment are typically due by the end of August of the corresponding year. The IRS requires that forms with 25 or more vehicles to be electronically filed.
As mentioned Earlier, the typical tax year is from July 1 to June 30, but this year it has changed. Due to legislation being held up in Congress, there has yet to be a legislation enacted to collect these Heavy Vehicle Use Taxes. The IRS has announced that it will not be accepting these 2290 forms until November 1 of this year.
Posted on August 18, 2011 by Santamarina Joseph - 2290 e-file, 2290 tax, e-file 2290, express truck tax, Form 2290, Form 2290 E-file, Form 2290 filing delay, IRS, IRS phishing scams, IRS scammers, stay alert, Tax 2290
Scammers are like cockroaches; they are unwanted, yet they never seem to go away. Recently, there has been a set of IRS phishing emails that have been infesting the web. There have been at least two versions. One claims to be from “info manager@irs.gov” and another from “support manager@irs.gov.” These emails can look convincing with headers that read: “IRS notification.” Although it may seem authoritative, neither of these are legitimate and should be ignored, deleted, or forwarded along to phishing@irs.gov. Do Not reply and Do Not open the attachments.Here is the plain text version of one of the emails:
Important Information about your tax return
We are unable to process your tax return
We received your tax return. However, we are unable to process the return as field.
Our records indicate that the person identified as the primary taxpayer or spouse on the tax return did not provided all the required documents shown on the tax form. Our records are based on information received from the Social Security Administration.
Based on this information, the tax account for the individual has been locked
What you need to do
Print out the attached notification and list of missing documents, fill it in, add the documents and send the following information to the address shown in the attached notification.
List of required documents:
- A copy of this letter
- Notification letter
- A photocopy of valid U.S. Federal or State Government issued identification.
Keep this notice for your records.
As you can see, this email is littered with typos and grammatical errors. That is always a Huge Red Flag if you are receiving an email that is supposedly from a professional organization. In addition to that, it is commonly known that the IRS does not send unsolicited e-mails to taxpayers. Therefore, most emails claiming to be from the IRS are most likely a scam. Be very careful with these emails. Most of them try to get you to reveal your personal or financial information. Do not reveal any of this information via e-mail. Better yet, Do Not reply to the email at all. Don’t follow any links from these e-mails to any web sites where you might be asked for the same information.
Other e-mails may have attachments or links which download viruses or other malware onto your computer. Some of this malware, has the capabilities to retrieve financial and other personal information from your computer. Even if you don’t manually input personal information into these sites, the malware allows the scammers to track your personally identifiable information.
Key Point to Remember: the IRS will never initiate contact with you via email. They will not ask you to click links to fix your tax information or verify your tax account. Neither will you be advised of a mistake in your refund via email. If you are concerned that you need to contact the IRS, then you should call them (1.800.829.1040). Don’t click on an attachment or reply to an email claiming to be from the IRS.
So to recap: delete, delete, delete. Do Not open links. Do Not open any attachments. Do Not investigate on your own. The IRS can handle any investigation if necessary. If you would like to make the IRS aware of it, you can forward the e-mail to the IRS at phishing@irs.gov then DELETE the email.
This Information has been provided by the Truck Tax Team at www.ExpressTruckTax.com
Posted on August 2, 2011 by Santamarina Joseph - 2011 form 2290, express 2290, Express Tax Form 2290, expresstrucktax, Form 2290, Form 2290 2011, form 2290 download, HVUT, Internal Revenue Service Form 2290, IRS 2290 2011, Irs Forms
To file the IRS Form 2290 for Heavy Vehicle Use Tax, there are a few key pieces of information you will need to know in order to receive a stamped Schedule 1 from the IRS. First and foremost, you should have an idea as to the number of miles driven by each vehicle, because if a vehicle was driven less than 5,000 miles (or 7,500 miles if agricultural) then it would technically be considered to be a credit vehicle. Other information that is key to filing Form 2290 is your Employee Identification Number (EIN), Vehicle Identification Number (VIN), and the taxable gross weight of the vehicle.
The Employee Identification Number is a required section of the Form 2290. This is a number that is unique to you, and the IRS uses it to identify a business entity. If you do not have an EIN, you can apply for one through the IRS website.
Another necessary part of the Form 2290 is, of course, the Vehicle Identification Number. Every vehicle is required to have a VIN, which is a 17 character combination of numbers and letters. This information can typically be found on the registration or title of the vehicle. In order to know how much tax is to be paid, you must also report the Taxable Gross Weight of the vehicle. This can be found by adding the following totals: unloaded weight of the vehicle fully equipped for service, unloaded weight of any trailers equipped for service and customarily used in combination with the vehicle, and the weight of the maximum load customarily carried on the vehicle and on any trailers customarily used in combination with the vehicle.
Once this information is obtained, the best way to file the Form 2290 is by using an IRS-approved E-File provider like ExpressTruckTax.com. Filing this form online is a much better option than mailing it in, or waiting in line at the IRS office. Filing Online through the secure servers of Express Truck Tax is safer than sending important tax documents via postal mail. It is also much quicker. The IRS typically processes each return and sends it back to you in a matter of minutes. This helps you stay focused on what matters to you, not on endless paperwork, or long lines at the IRS office.
To file your HVUT with the IRS using Form 2290, it is very important that you keep accurate records, just like you would when filing any other type of tax return. It is crucial for anyone filing form 2290 to maintain their records for at least the prior 3 years for any taxable highway vehicles registered to them. For fleet owners and small trucking companies who have filed form 2290 in the past, it is wise to always keep the 2290 records on hand, as one never knows when IRS inspection may take place. It is even important to save these returns if they are only for a part of a year. In the case of a suspended vehicle (public highway use was less than 5,000 miles/year) it is still necessary to keep records of Form 2290’s filed for them as well.
You will need to gather the following information before filing form 2290 to accelerate the filing process. You will need a description of all vehicles for which you are filing as well as a VIN (Vehicle Identification Number) for each one. You will also need to know the gross taxable weight of the vehicle. It is also necessary to report the date the vehicle was acquired, as well as the name and address of the previous owner. The fist use month for the taxable period is also required for reporting. If a vehicle is considered to be suspended, keep a record of actual highway mileage. If the vehicle is an agricultural vehicle, then keep accurate records of the number of miles it is driven on a farm or field.
Keeping proper records of your 2290 information will be a great help to you in the unfortunate event of an audit. It will also make the task of filing this form much easier.
ExpressTruckTax.com is an IRS authorized E-File provider who can help you file form 2290 as well as keep secure online records of previously filed form 2290’s. For more information on the 2290 filing process, heavy vehicle use tax, IRS payment methods, etc visit the Express Truck Tax website or call our Truck Tax experts at 704-234-6005. You can also email any questions to support@ExpressTruckTax.com.
Posted on July 30, 2011 by Santamarina Joseph - 2290, e-file 2290, express2290.com, Expresstrucktax.com, Form 2290, Form 2290 E-file, Form 8849, Heavy vehicle use tax 2290, Internal Revenue Service Form 2290, Tax 2290
ExpressTruckTax.com has everything you need to to file your truck taxes online so that you can keep on rolling. It is packed with all sorts of features that benefit Owner Operators, Trucking Companies, and other service providers filing HVUT.One of the most commonly filed IRS forms among those in the Trucking Industry is the IRS Form 2290, and its accompanying Schedule 1. With Express Truck tax, you can easily file this IRS form online in minutes, and for as little as $9.90, it is the most attractive price in the industry. After filing Form 2290 with the IRS through Express Truck Tax, the person filing will receive Free Fax and Email Notifications to let them know that the Schedule 1 is ready. Express Truck Tax also offers optional Text Message reminders as well. Once the IRS processes the Return, you will be notified so that you can print your stamped schedule 1. Express Truck Tax can also notify your contracting (leasing) company to let them know that your payment has been made.When creating your Form 2290 online, Express Truck Tax will automatically create a Form 8849 for credits. There is also the option to upload an Excel Template for a multiple vehicle filing. You can file for only 1 truck or up to 40,000 vehicles with our Enterprise Filing! Express Truck Tax also offers flexible pricing plans to fit any fleet. Tax professionals and CPAs also receive custom discounted pricing to file for many of their clients. The customer service does not stop once the form is filed. Express Truck Tax also offers Free VIN corrections so that no one is penalized for a simple typo. There is also the ability to amend a previously filed Form 2290 through the service. For any questions about the service, Express Truck Tax offers unlimited, USA-based customer support via email, chat, and phone. Simply email support@ExpressTruckTax.com, call 704-234-6005, or go to ExpressTruckTax.com to live chat with the excellent customer support professionals. You can file your Form 2290 (HVUT) in just minutes via self-service, file by phone and full service, meaning you can register and file yourself, or have us take care of the filing. Either way, this easy-to-use software will save you time and money. Express2290.com was built by one of the most talented teams in the industry—no one has more experience in HVUT E-Filing!Get started today at ExpressTruckTax.com. Email us at support@expressexcise.com or call 704-234-6005.Express2290.com, Express8849.com, ExpressExcise.com, and ExpressExtension.com, are part of ExpressTaxZone.com line of tax products.
Posted on July 29, 2011 by Santamarina Joseph - 2290, e-file 2290, express2290.com, Expresstrucktax.com, Federal Heavy Vehicle Use Tax, Federal Heavy Vehicle Use Tax Form 2290, Form 2290, Form 2290 E-file, Form 8849, Tax 2290, Truckers Tax 2290
As of July 1, 2011, the process of filing a Form 2290 for Heavy Vehicle Use Tax has changed dramatically as a result of new legislation not being passed by Congress. These new regulations affect tax service providers, trucking companies, and owner operators of highway motor vehicles with a taxable gross weight of 55,000 pounds or more.
Heavy Vehicle Use Tax form 2290 – Overview
The Form 2290 imposes an excise tax on certain highway motor vehicles (26 CFR Part 41) under section 4481 of the Internal Revenue Code. Section 4481 imposes an excise tax on the use in any taxable period of a highway motor vehicle with a taxable gross weight of 55,000 pounds or more. The person to whom the vehicle is registered at the time of the first use for the year must pay the tax. The amount of the tax is based on the gross weight of the vehicle with a maximum of $550 per vehicle per taxable period. The tax period begins on July 1 and ends on June 30th of the following year.
However, for the taxable period beginning on July 1, 2011, section 4482(c)(4) of the present law states that the taxable period ends as of September 30, 2011 instead of the typical June 30th deadline. For this three month period, the tax has been reduced to 25 percent of the tax rate for a 12-month period. Section 41.6011(a)–1(a)(1) requires each person liable for the tax imposed by section 4481 to file a return for each taxable period. Section 41.6011(a)–1(b) provides that the return is in Form 2290, (Heavy Highway Vehicle Use Tax Return).
A Form 2290 must generally be filed by the last day of the month following the month in which someone first becomes liable for tax. For most taxpayers, their first use of a vehicle in a taxable period occurs in July and thus their return is due by August 31st. This is because July is the first month of the tax period, and if a vehicle was registered in the previous year, July is the first month of the current year. Section 41.6001–2(b) explains that when a state that receives an application to register a highway motor vehicle, they must receive a ‘‘proof of payment” of the tax imposed by section 4481(a). This proof of payment typically consists of a receipted Schedule 1 (Form 2290) that is returned by the IRS to a taxpayer that files the form 2290 and pays the amount of tax due with the return.
The taxpayer registering the vehicle must present proof of payment for the taxable period that includes the date on which the application for registration is filed. In the case of an application filed in July, August, or September of this year, the proof of payment for the preceding taxable period may be used. The tax imposed under section 4481 will expire on September 30, 2011, unless Congress changes the law. Under existing regulations, the person liable for the tax must file a Form 2290 by the last day of the month after the month that the person first becomes liable for the tax. Current statutory and regulatory provisions require the person liable for the tax to file a Form 2290 for taxable use during the period of July 1, 2011, through September 30, 2011. Also, if Congress extends the tax past September 30, 2011, anyone who filed a Form 2290 for the short taxable period of 2011 would have to file a second Form 2290 covering the period after September 30, 2011, until either the expiration date of the extension or June 30, 2012 (whichever comes first).
Extension of Form 2290 HVUT Due Date
In order to provide a more efficient tax administration and alleviate taxpayers’ potential administrative burden, temporary regulations have postponed the due date of Form 2290 for the 2011 short taxable period until November 30, 2011. If Congress does not extend the tax past September 30, 2011, taxpayers will file one Form 2290 and will pay the reduced amount for the 2011 short taxable period by November 30. If Congress does extend the tax past September 30, 2011, and substitutes a longer taxable period for the 2011 short taxable period, taxpayers who become liable for the highway use tax after June 30, 2011, and before November 1, 2011, a will file Form 2290 for the period July 1, 2011—June 30, 2012 (or the end of the new taxable period, if earlier), by November 30, 2011. In either case, most taxpayers will have to file only one return for the taxable period beginning July 1, 2011.
Temporary regulations suggest that taxpayers should file a Form 2290 no earlier than November 1, 2011 for taxable use during the 2011 short taxable period. The IRS will not provide a receipted Schedule 1 for a return and accept associated payment for the taxable period beginning July 1, 2011, before November 1, 2011.
Temporary Regulations for Proof of Payment for DMV registration
Special rule for registration after June 30, 2011, and before December 1, 2011.
For the period between July 1, 2011, and November 30, 2011, a State must register a highway motor vehicle without proof of payment if the person registering the vehicle presents the original or a photocopy of a bill of sale or another document proving ownership indicating that the vehicle was acquired by the owner either as a new or used vehicle during the preceding 150 days before the date that the state receives the application for registration of the vehicle, and the vehicle has not been registered in any state subsequent to such date of purchase.
Substitute proof of payment for the taxable period beginning July 1, 2011.
A state shall accept a 2290 Schedule 1 for the previous taxable period as a substitute for proof of payment.
Temporary Regulations- filing dates
In the case of a highway motor vehicle that incurs a taxable use during the period July 1, 2011 through September 30, 2011, the person liable for the tax must file a return no later than November 30, 2011. The return should be filed no earlier than November 1, 2011. If the return is filed and payment is submitted before November 1, 2011, the IRS will not provide a receipted Schedule 1 (Form 2290, ”Heavy Highway Vehicle Use Tax Return”) as proof of payment until after November 1, 2011, and will provide the receipted Schedule 1 only if the full amount of the tax for the 2011 taxable period has been paid.
Trucking Companies, contractors, service providers, or individual owner operators who need to get a Form 2290 schedule 1 for previous tax years can contact the IRS, or file form 2290 online through an IRS authorized E-File provider such as ExpressTruckTax.com. For more information on heavy vehicle use tax, you can call the good folks at Express Truck Tax at 704-234-6005 or email at support@ExpressTruckTax.com
Posted on July 27, 2011 by Santamarina Joseph - 2290, e-file 2290, express2290.com, Expresstrucktax.com, Form 2290, Form 2290 E-file, Form 8849, heavy vehicle use tax, Online Tax E-filing, Tax 2290
In certain situations, one can actually claim a credit for a vehicle using the IRS Form 2290 (Heavy Vehicle Use Tax). The simplest, quickest, and safest way to file this form is through ExpressTruckTax.com, an authorized IRS E-file Provider of this form.
If a heavy vehicle was stolen, destroyed, or sold before June 1st and not used during the rest of the year, it qualifies as a credit vehicle. Another qualification for Credit Vehicles is if a heavy vehicle was used for 5,000 miles or less, or an agricultural vehicle that was used for 7,500 miles or less. Another significant qualification is that a credit, lower tax rate, exemption, or refund is not allowed for an occasional light or decreased load; neither is it allowed for a discontinued or changed use of the vehicle.
Even though the qualifications for credit vehicles can be complicated and confusing, ExpressTruckTax.com helps make this process simple. The filing process only takes a few minutes. If you need any help, the dedicated customer support team can help walk you through the process in minutes.
Posted on July 26, 2011 by Santamarina Joseph - 2290 form, efile 2290, express2290.com, expresstrucktax, Expresstrucktax.com, Form 2290, Form 2290 for 2010, Form 2290 for 2011, Paying 2290 Tax Online, Where to Pay 2290 Tax
Posted on July 25, 2011 by Santamarina Joseph - 2290 form, Check Status My Tax Return, efile 2290, express2290.com, expresstrucktax, Expresstrucktax.com, Federal Tax Return Status, Form 2290, Form 2290 Federal Excise Tax, Hvut 2290, tax return
Earlier this month the Internal Revenue Service informed truckers, owner operators, and trucking companies who file federal highway use tax returns that the typical deadline of August 31st will be extended to November 30, 2011. The official legislation for the currently scheduled to expire on September 30, 2011. The current legislation has yet to be passed through Congress; the extension was put in place because it is still possible for Congress to alter the tax legislation after the expiration date. According to the IRS, returns should not be filed and payments should not be made prior to November 1st.New regulations require state Departments of Motor Vehicles to accept a prior year stamped Schedule 1 of the Form 2290. Typically, taxpayers are required to present a stamped Schedule 1 to register a vehicle with the DMV. The Schedule 1 is usually stamped by the IRS as a proof that the return was filed correctly. If a taxpayer acquired a new vehicle during July 2011-November 2011, recent regulations allow states to register vehicles without proof that the highway use tax was paid as long as they provide a copy of the bill of sale or a similar proof of purchase to verify that it was acquired in the past 150 days.If you are unsure whether or not you qualify to file the Heavy Vehicle Use Tax, it typically applies to trucks, truck tractors, and buses with a taxable gross weight of 55,000 pounds or greater. As a rule of thumb, vans, pick-ups, and panel trucks do not qualify due to the 55,000 pound minimum.
On Monday, July 18, the IRS announced that the 2290 filing deadline for the 2011-2012 tax period would be extended by 90 days. All 2290 forms, which are usually due on August 31, will instead be due on November 30. The extension is designed to alleviate any confusion that may be caused by changes in the HVUT tax laws, which are currently set to expire on September 30, 2011.
In order to assist
heavy vehicle owners with state vehicle registration, the IRS submitted new regulations requiring all states to accept the 2010-2011 proof of HVUT payment (schedule 1) for registration purposes during the months of July through November. The regulations also extend the grace period during which a newly acquired vehicle can be registered by the state without a 2290. Any heavy vehicle acquired on or after July 1 may be registered without proof of HVUT payment within 150 days of purchase. You will need to provide the state with documentation showing the purchase occurred within this grace period.
The IRS has tentatively announced that they will begin accepting
2290 returns and 2290 payments for the 2011-2012 tax period beginning November 1. ExpressTruckTax will send email notifications to all our registered users as soon as the IRS begins accepting 2011 electronic returns.
ExpressTruckTax Advanced Filing
For our users that have taken advantage of our
Advanced Filing and have already prepared your 2011-2012 return, your completed 2290 will remain in our secure database – ready to be filed. Once the IRS begins to accept 2290 filings, ExpressTruckTax will automatically transmit your tax return to the IRS. If you need to edit or update your prepared 2290 at any time prior to November 1, you may do so simply by logging into your ExpressTruckTax account and editing your 2011 return. Please note, no tax payment will be processed by the IRS for the 2011-2012 tax period until the IRS begins accepting 2290 returns in November.
For those users that have not yet prepared
your 2290 return for the 2011-2012 tax period, you may do so now using our Advanced Filing product. This will allow you to complete your 2290 return in advance, ensuring that you and your company are well prepared once the 2011-2012 filing season begins.
Please do not hesitate to contact our support center if you have any questions or if we may be of additional service. You can reach us by phone at
(704)234-6005, Monday through Friday – 9 am to 6 pm (EST) or by email, 24 hours a day, at support@expresstrucktax.com. For more details regarding the 90-day extension, you may view the official announcement on the IRS Newsroom website. Thank you for using ExpressTruckTax, where IRS 2290 and IFTA are made easy!
If have problems registering your vehicles with the state, please provide this IRS communication to them.
IRS Communication:http://www.expresstrucktax.com
/docs/temp%20reg%20form%202290%20internal%20external%20communique%20final.pdf
