Tax season will be here before you know it. And as the HVUT renewal season approaches, you’ve probably found yourself with more and more questions about what to do and how to even file in the first place. And that’s what we’re here for!
So here are 6 tips to help you successfully e-file your Form 2290 during this renewal season:
1. Get Your EIN Early
Getting your EIN is important! It takes 10 business days for the IRS to activate it, and you need it in order to e-file.
After your EIN has been processed, you will need to know the exact business name associated with the EIN account in order to use it. If you have forgotten the name associated with the EIN, you can call the IRS EIN hotline at 1.800.829.4933 to verify, and then keep it safe because it is imperative to your tax-filing success!
2. Know Your Vehicles
Next on the path to tax success is knowing your vehicles. And I’m not talking about just knowing the weight of your vehicle or the first use date—even though you definitely need to know that as well—I’m also talking about knowing your type of vehicle. There are four different types of vehicles you can file a Form 2290 for, and knowing which category your vehicle falls under can make a huge difference on your bank account!
- Heavy Vehicles: A heavy vehicle is any other vehicle, weighing 55,000 lbs or more, that has driven over the 5,000 mile limit. For these vehicles you file your Form 2290 as normal and pay your heavy vehicle use tax.
- Suspended: Suspended vehicles are any heavy vehicle or agricultural vehicle that have been driven under their mileage limit for the tax year. For heavy vehicles this limit is 5,000 and for agricultural vehicles this limit is 7,500. Having a suspended vehicle means after you file your heavy vehicle use tax, you are eligible for a refund!
- Agriculture: Agricultural vehicles are any vehicles used for farming or agriculture. These vehicles can be driven 7,500 miles on public highways until they are no longer considered suspended, at which time, HVUT is due.
- Logging: Logging vehicles are any vehicles that are used to transport forest materials within or from a foresting site, or a vehicle that moves forested materials from one site to another. With logging vehicles, companies and drivers alike are eligible to pay less taxes for the tax year. So if you drive a logging truck, make sure you specify when you’re e-filing!
3. Keep Accurate Records
Besides your EIN and knowing your types of vehicles, keeping accurate records is the most important part of e-filing.
It is your responsibility to keep accurate trip logs, especially if you are an agricultural vehicle or a suspended vehicle. You will need to prove to the IRS that you went under 7,500 and 5,000 miles, respectively, during the tax year. If you find yourself in need of some help keeping your truck records updated,why not try a business management program designed for transportation businesses?
4. Make Your Business Management Software Work for You
In addition to keeping good records, you also need to have good business management software. You need a place to securely keep track of all your trucks, taxes due, important industry dates, and so on.
A good business management solution should be able to keep track of everything so you don’t have to! You should be able to search records and get reminders of important dates without constant frustration and involvement.
And not only that! Your business management solution should be able to:
- Keep track of orders and invoices
- Help create a better line of communication between truckers and management
- Schedule maintenance by truck (and just once!)
- Enter paychecks and driver settlements
- Provide trucker-centric GPS to get from place to place
- Keep track of customers, brokers, carriers, and vendors
- Make running a business a little (or a lot!) less stressful
5. Rely on Great Support
Filing your taxes isn’t always easy, but it can be when you have the right tools! When it comes down to it, we understand that you probably have a lot of questions about how HVUT regulations. This is where the support legends come in!
At ExpressTruckTax we have the best support team in the industry. And they’re available all year long in order to make your tax experience that much easier.
So if you find yourself with a question in the “off” season, rest assured that our support team will be here for you. Because we understand that tax questions never take a break, so neither should we!
6. Know Your Industry Deadlines & Important Dates
The last thing you need to know in order to e-file for success are industry deadlines and important industry dates. Now, this may sound like a lot of work, but we have a free app that does all of that for you! It’s called RigMinders, and it’s available for both Android and iPhone users.
With Rigminders, you can keep track of everything in the industry, in your trucking business, and in your life! Know when to file your HVUT, IFTA, IRP, UCR and much more. All industry filing deadlines come preloaded to save you time. And you can use the personal reminders to schedule truck maintenance. There’s nothing better than staying ahead of the game and keeping on top of these deadlines!
Continue to stay ahead of the game with ExpressTruckTax! If you find yourself with questions, comments, or concerns, we’re here for you with 24/7 support in English & Spanish! So give us a call between 8AM-6PM EST at 704.234.6005, or send us an email at support@expresstrucktax.com anytime, day or night!
Happy E-filing, Trucking Nation!
