Category Archives: Useful Info

2290 heavy use tax return preparation – Most common errors

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You have landed here means you either want to figure out how to pay your annual heavy vehicle use tax for the truck(s) you own or have grounded by mistake or just about anything. This being the period to figure and file your tax returns for the year 2012-2013, you must be all set with form 2290 from the IRS and your vehicle details to start filling out. Before filing your HVUT to the IRS, you must review it thoroughly for correctness and completeness. Below are a few most common errors that may be avoided when you fill and file all by you. Continue reading →

Keep Records For All Your Registered Highway Vehicles!!

Prevention is better than cure’ is one of the oldest phrases that we hear from time to time.  In business when it comes to financial matters, it is important to keep records of all transactions as a precaution; be it small or a big transaction. The sole and the most important reason to perform business activities is to earn profit; increase the zeros in our bank accounts. At the same time, we want to make sure that no mistakes or problems occur while earning those hard earned dollars for IRS or anybody else to snatch it away from us. Hence we need a good recordkeeping system that can actually help you save money. Keeping records to maintain the progress of our business is just as important. As per the IRS, Keep records for all taxable highway vehicles registered in your name for at least 3 years after the date the tax is due or paid, whichever is later. They must be available at all times for inspection by the IRS. When it comes to filing tax 2290, it is important to maintain records for the following reasons: Continue reading →

A Form 2290 Update You must Know!!

 

Another 7 weeks left!!

The Form 2290 tax is due from July 1st through June 30th, and it must be paid by August 31st for existing Vehicles. The tax starts with vehicles 55,000 lbs or more. If you have 25 or more vehicles that are going on the 2290 Form you MUST file electronically.

If you have driven your vehicle less than 5,000 miles (7,500 for agriculture) you can claim the suspension of tax. You can also claim this if you expect to use it for less than the mileage limit in the coming year.

If you acquire a vehicle that is to be used on the highways you must pay the 2290 tax for truckers by the end of the month following the month you purchased the vehicle in.

The current period begins July 1st, 2012, and ends June 30th, 2013.
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Misconception between TIN & EIN

TAXPAYER IDENTIFICATION NUMBERS (TIN)

A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued either by the Social Security Administration (SSA) or by the IRS. A Social Security number (SSN) is issued by the SSA whereas all other TINs are issued by the IRS. Continue reading →

IRS Form 2290 Payment through Check or Money Order

Tax CalculatorTax payers reporting tax on a Highway motor truck Form 2290 have only three options to choose to make IRS tax payments.

  1. EFTPS
  2. Electronic Funds Withdrawal – EFW [Direct Debit]
  3. Check or Money Order

Electronic payment options are convenient, safe, and secure methods for paying taxes or user fees to the IRS. Taxpayers can authorize an electronic funds withdrawal, use a credit or debit card or enroll in the U.S. Treasury’s Electronic Federal Tax Payment System (EFTPS)®. IRS is the only authorized body to debit your account or process for tax payments.

Electronic payment options give taxpayers an alternative to paying taxes or user fees by check or money order. Payments can be made 24/7. The electronic funds withdrawal and EFTPS options are free! Continue reading →