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Low Mileage Vehicle Credit or Suspended/Exempt Category? Explained!

Hello there Truckers, doesn’t this question sound familiar to you? Almost on a daily basis, we receive calls as such inquiring about How do I/where do I report my truck that is not used above the desired mileage for exemption? The common misconception that evolves amongst many HVUT e-filers is that both these terms sound similar. However in terms of Form 2290 they are different attributes.

While e-filing your HVUT Form 2290, you might have noticed the section, Suspended/Exempt vehicles this section is basically to report when the heavy vehicle is been used under the desired mileage limit for exemption (5000 miles for Commercial & Logging based Units) & (7500 miles for Agricultural based Units) In this case, you need not make any tax payments to the IRS as they are exempt but you still got to report the vehicle on this Form to legally claim an exemption.

On the other hand, The Term Low mileage vehicle credits sounds to be referring to low mileage or exempt vehicles, but in reality it’s related to Claiming a refund on the Taxes paid full in advance on a low mileage vehicle. Upon realization of the mileage recorded by the end of the tax period for which the tax payment was made full in advance, you claim a full refund back from the IRS during the renewal of the following tax year’s tax return.

Sounds confusing? Well here’s an example: John purchased a commercial utility vehicle in July 2018 and he needs to get his vehicles registered with the state authorities so does he needs to file a Form 2290 report. So he reported the vehicle on the Form 2290 (For the period beginning July 1st, 2018 through June 30th, 2019) and made an upfront tax payment to the IRS. However, due to unforeseen mechanical wear & tear unfortunately the truck was not used quite actively as he expected hence it recorded an overall mileage that is less than/below the actual mileage limit for exemption as (5000 miles)

Now, he’s got to renew his Form 2290 for the upcoming period (For the period beginning July 1st, 2019 through June 30th, 2020. During this time, he’s got a chance to claim a full refund on the tax paid for past tax year on the renewal form so evidently the tax due amount will be nullified on the renewal form. On the other hand, If John does not seem to own any trucks during the next renewal, he can simply claim a full refund (Form of cash) by filing the Form 8849 Schedule 6 ( Claim for refund of excise taxes) and wait until 21 business days to receive a refund check back in his mailing address.

Economically E-File your HVUT Form 2290 via www.truckdues.com and receive the IRS digital watermarked copy of Schedule 1 back in your e-mail instantly. Reach us back for any further assistance over the following mediums:

Phone: (347) 515-2290 [Monday through Friday, 9 A.M to 5 P.M, Central Standard Time]

E-mail: support@truckdues.com

Live chat with our tax representatives.

Have a Good One! See you over the next article.

E-File your Pro-rated HVUT Form 2290 before Feb 28, 2019.

Hello there truckers, the Pro-rated HVUT Form 2290 is due by Feb 28, 2019 for vehicles first used since January 2019. This Pro-rated deadline is drafted based on the Federal law that indicates Form 2290 must be filed by the last day of the month following the month of its first use.

Now if you had purchased/re-purchased any new truck during January 2019, you got 60 days before you could file this Form 2290, you generally file this tax Form to get your vehicle plates, tags, licenses renewed.

Now for many who just turned out to be truckers, this form may not sound familiar or perhaps we must say that they do not even an idea about this Tax Form until they wanted their vehicle registrations to be done. They also do not know what the importance of this tax Form is.

The HVUT Form 2290 is basically an annual tax paid to the Internal Revenue Service which is paid on Heavy trucks which comprises a taxable gross weight of 55000 lbs to the minimum until 80000 lbs & above and if the said truck is used on the public highways for commercial, agricultural & logging purposes.

However, the vehicle is determined to be a Taxable vehicle (Where the tax payment needs to be made full in advance to the IRS) or Suspended/Exempt vehicle (Where no tax payment needs to be made to the IRS) based on the desired mileage limit for exemption drafted by the Internal Revenue Service by virtue of the nature of job the utility vehicle performs.

Hence, if the subjected vehicle is expected not to go over the desired mileage use of exemption, it remains to be exempt from Form 2290 tax payment, however a tax return needs to be filed for this vehicle to legally claim and exemption.  

Truckdues.com has been serving the ver hard working trucking community over the past 5 years with their HVUT Form 2290 filings at a very honest pricing, $7.99 we ensure that you receive the IRS digital watermarked copy of schedule 1 in your registered e-mail address within minutes after you e-file.

Reach us back for any further assistance over the following mediums:

Phone: (347) 515-2290 [Monday through Friday, 9 A.M to 5 P.M, Central Standard Time]

E-mail: support@truckdues.com

Live chat with our tax representatives.

Have a Good One! See you over the next article.

Despite the IRS e-file shutdown period, you could still e-file your Pro-rated HVUT Form 2290.

New Year is right around the corner. New Year’s is the perfect occasion to celebrate Love, friendships and all the good things in life. Let’s take the time to appreciate what this year has      given us and what the new one is about to bring! A new year means new beginnings, love, chocolates, and warm wishes for your friends and family. Now at this joyous time, we would like to remind you about the forthcoming Pro-rated HVUT Form 2290 Deadline and the IRS year end maintenance period.

Every year, during the Christmas Eve, the IRS online servers will turn offline with a motive to upgrade their e-file systems in order to accept tax returns for the following tax period (For the period beginning July 1st, 2019 through June 30th, 2020). Now any tax returns e-filed during this downtime will be processed until the IRS recommences full operations, which is expected to turn up during the 2nd week of January 2019.

However, that doesn’t mean that you simply can’t e-file your tax returns right now, you could have it e-filed right now and wait until the IRS recommencement before receiving the IRS digital watermarked copy of Schedule 1 in your registered e-mail address. The Federal law states that the Form 2290 must be e-filed on a vehicle by the last day of the month following the month of its first use. On that basis, now the Form 2290 is due by Dec 31st, for vehicles first used since November 2018. E-file before the deadline.

Failure to E-file the Form 2290 before the deadline might end up in owing the IRS a penalty for late in filing & payment. This penalties might fluctuate between 3 to 5% of the overall tax due owed on your vehicle and the worst part is the interest will accumulate on daily basis as long as you prolong the lateness beyond the desired deadline assuming it as an extension. In the first place we would like to make our dear truckers aware that there has been no extensions for Form 2290.

Truckdues.com has been rated to be one of the moist efficient & cost effective websites which makes the e-filing process easy even for beginners. There are no complex calculations involved as our application bears that part on your behalf as it has an inbuilt tax calculator for your convenience. Soon after you enter your vehicle information, our application would calculate the tax due amount of the vehicle reported.

Reach us back for any further assistance over the following mediums:

Phone: (347) 515-2290 [Monday through Friday, 9 A.M to 5 P.M, Central Standard Time]

E-mail: support@truckdues.com

We wish everyone a Happy New Year.  Live chat with our tax representatives.

Truckdues.com wishes everyone a Happy President’s Day 2018.

“Associate with men of good quality if you esteem your own reputation; for it is better to be alone than in bad company”

There are many fascinating events and people that make up American history. Some events have changed the very ways that American values have formed and many people have risen to the challenges of their time to make a better country for every American citizen. George Washington was one of those people. He is widely known as one of the founding fathers of America.  Continue reading

Less than a week left behind to E-File your Pro-rated Form 2290!

 

Hello there truckers, were here now with yet another HVUT deadline reminder for you. Earlier, as we informed you that Form 2290 is due now for vehicles first used since December 2017 as the Federal law states that a Form 2290 must be filed on a vehicle by the last day of the month following the month of its first use. On that basis, Jan 31, 2018 will be the due date to E-File your Form 2290 for vehicles which you were been using on the road since Dec 17. Continue reading

A Way to Save Your Money on E-filing HVUT Form 2290

Who will not like to keep their hard earned money all for themselves? Practically it is not possible to keep everything you earn, but there are several ways to save a major portion of it. Wise men always say “A penny Saved is a Penny Earned”.

On a recent survey with Truckers it was found that, on an average a truck Driver with Two years of experience earns only 34 to 37cpm if he drives Legal. Moreover he has to take 5 days off after 4 – 5 weeks of working Schedule and also has to meet is strict mileage requirement. Continue reading