Category Archives: EIN

Your Pro-Rated Form 2290 deadline awaits in a Fortnight!

Hello there truckers, this article is to remind you all that your Pro-rated HVUT Form 2290 is due by April 30, 2018 for the period beginning March 2018 through June 2018. As you are pretty aware of the fact Form 2290 is generally due by June and its payable until the end of August. Else, federal law states that Form 2290 must be filed on a vehicle by the last day of the month following the month of its first use. Continue reading

There is no option in Form 2290 to extend the Deadline like Form 1040 does!

Hey there truckers, we hope this article reaches you in high spirits. We all know that you stay ever busy on the road serving the nation’s needs on time. However, it is always been our duty to save many hardworking truckers across the nation to face any litigation with the Internal Revenue Service at least with their Heavy Vehicle Used Tax Form 2290. Continue reading

Need to Report an Increase in the gross weight for your truck? Here’s how!

Hello there truckers, we hope you are reading this article at high spirits. Well, over this article we are going to discuss on a common question that arises for a Trucker, That how do I report a change on the vehicle gross weight. Perhaps we claim that is even simpler than you can ever imagine. Continue reading

Things you need to know beforehand about Form 2290!

What is a Form 2290?

Form 2290 is the form that is been used to File & Pay the Heavy Highway vehicle Used tax also abbreviated to be HVUT which is a federal tax that is due annually and payments are made to the U.S. Department of Treasury. However, on this matter the Internal Revenue Service represents the show as they are solely responsible for the entire governance of this tax.

Who Must File?

Well when we call it a Heavy Highway Vehicle Used tax, it clearly states these taxes are only concerned with Heavy vehicle which must comprise a minimum total gross weight of 55000 lbs i.e., (The weight of the tractor+ weight of the Loaded Trailer) and the same has been used over the public highway for multiple purposes such as Commercial Hauling, Agricultural, logging & so on. However, the IRS has drafted guidelines to differentiate the tax dues amongst the nature of duty that each heavy vehicle performs.

When is the Form 2290 Due?

Federal law states that Form 2290 must be filed on a vehicle by the last day of the month following the month of its first use. Else, these taxes are generally due by June and its payable until the end of August of every year.

How much is the Tax amount by the way?

The Tax due varies upon the gross weight of a desired Vehicles and the distance traveled within a respective HVUT tax period.  Below 55,000 pounds do not have HVUT because they do not qualify as a heavy vehicle. Vehicles between 55,000 and 75,000 pounds owe $100, plus $22 per 1,000 pounds over 55,000 pounds. Finally, for vehicles that are over 75,000 pounds the maximum HVUT is $550 per year.
Who is Exempt from HVUT?      

Although it is rare, some Vehicles that fit the above description may be exempt from the HVUT and Filing requirements of HVUT Form 2290. To officially be exempt from filing Form 2290, the vehicle must be owned and operated by the following:

  • The Federal Government
  • The District of Columbia
  • State or local government
  • American National Red Cross
  • Non-Profit Volunteer Fire Department, Ambulance Association, or Rescue Squad
  • Qualified Blood Collector Vehicles
  • Mobile Machinery that meets specifications for a chassis
  • Indian Tribe Government (Only if the Vehicle is Used for essential Tribe or Government Function)
  • Mass Transportation Authority (Only if granted certain powers normally exercised by the state)

 

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.

 

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

HVUT Form 2290 is due by Jan 31st for vehicles first used since December 2017. E-File soon.

E-filing has emerged to be one of the modern revolutions which help the tax payers to securely file & pay their Federal Excise Tax Returns with the Internal Revenue Service. The primary reason for introducing E-filing is to lessen the burden of a tax payer during their tax deadline. It puts them aside off scheduling appointments at the local IRS facility and sparing a day’s time to have your turn arrived before you reach the counter. Guess the worst part, any last moment corrections are not honored else than starting all over again. Instead sit back, relax and e-file your Form 2290 through www.truckdues.com in matter of minutes. Continue reading

Creating an Account with Truckdues.com is really simple. Here’s How?

Federal law requires that you create an EIN for doing business as a truck owner. This fact is applicable even for truck owners who are apparently business owners by default. Federal law states that a tax payer must require an EIN before proceeding with few federal tax filings including the Form 2290, The Heavy Highway Used Tax Form.

You can apply for an EIN either by filing an SS-4 application or by logging on to the IRS website https://www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein.

Tips on Business Names:

When you complete the process to receive your EIN, and choose the type of business, you will also have the chance to choose a Doing Business As name, also referred to as a DBA name. While this name remains attached to the EIN, it is important to note that it is NOT the legal name of the entity.

Should you create an EIN as a sole proprietor, your name is the legal name of the entity. If you go through an incorporation process, the name on your papers of incorporation is the legal entity name. Be sure to use the legal entity name when filing tax forms, such as the heavy vehicle used tax form 2290.

Listing out your Business under the right category:

Most HVUT tax payer’s questions during creating their account with www.truckdues.com is

Under which category should I report my business?

I am an owner operator, I don’t own a business. What do I type in there on the business name section?

Types of businesses which basically encounters this scenario by far are as follows:

 Sole Proprietor

Many owner/operators are sole proprietors. To be a sole proprietor, you do not have to do anything other than obtain your EIN. No paperwork, no legal fees to establish a legal entity, no stress over what type of business to be.

So why wouldn’t everyone do it this way? Sole proprietors remain personally liable for lawsuits files against their businesses. That means if you have an accident with a motorist, and they sue your business, in fact they are really suing you.

Also, sole proprietors pay taxes on the earnings from the business on their 1040, or personal tax form. You may find advantages in the other legal structures to minimize some of those taxes.

Limited Liability Company (LLC)

Yet another famous structure with owner/operators, the LLC creates a legal structure separate from the personal assets of the owner(s). LLCs also allow the debt from the business to be kept separate from personal obligations.

While that reduces the amount of stress you may have from fear of lawsuits or bankruptcy in your business harming your personal situation, the taxation remains similar to a sole proprietorship for a single owner. So the profit or losses of the business are the same as those of the owner.

In case if the LLC is formed by a group of partners, the taxation will resemble that of a partnership

Partnership

A partnership can be similar to either of the first two options above. You can enter into a partnership where each partner acts as a sole proprietor, or you can construct the partnership as an LLC.

Unless made under an LLC, a partnership does not provide relief from liability for lawsuits. The taxation of profits or losses goes on the 1040. Benefits of partnership include spreading some of the risk and combining the different skills of two or more owners to provide a better service or product to customers.

S Corporation:

An S corporation has shareholders. Like an LLC, an S corporation is an independent legal structure separate from the shareholders to separate personal assets from business assets. Owners must still report their income from the S corporation on their individual taxes, but in this case that eliminates the need to report them at the corporate level, preventing double taxation.

There are also certain requirements to qualify as an S corporation:

    •  Have only allowable shareholders.
    •  Have no more than 100 shareholders.
    •  Be a domestic corporation.
    •  Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and  domestic international sales corporations).

C Corporation:

A C corporation shares similarities with an S corporation, but has a few important differences. There is no limit to the number of shareholders. The corporation also pays tax on the corporate profits, while shareholders pay tax on dividends or capital appreciation, should they sell their stock at a profit. Shareholder also may not deduct a loss based on their ownership of stock in a corporation that posts a loss.

Should you have any more questions than this, Please feel free to reach our support team @ (347) 515-2290 [9. AM through 5 PM, Central Standard Time including weekends and all major federal holidays] or write us: support@truckdues.com or Live chat with our support team for instant help.

Truckdues.com wishes everyone a Happy New Year in Advance!

New Year is right around the corner. Many people hold parties at home or attend special celebrations to celebrate the upcoming New Year. In many cities, large scale public events are held. So it is always be a good feeling for us to be among the crowd during gatherings for an occasion like New Year. Witness a Parade to feel more live and enthusiastic.While you could find a New Year’s Eve party nearly anywhere you go, some cities definitely do it better than others. You may certainly consider check these below celebrations out. Continue reading

The IRS E-File servers will be Shut Down due to Maintenance by Today! E-File Soon!

Attention truckers, The IRS e-File servers will be shut down due to Scheduled annual maintenance by 11:59 A.M Eastern Standard Time. Any E-Filed tax return during this maintenance period will place your tax returns on hold until the IRS officially recommences full operations which is not expected to happen until the 1st week of January 2018.

The IRS on-line servers will go off-line every year right after Christmas since they had to upgrade the servers to improve functionality and to make the servers adoptable to accept Future Year’s tax returns. i.e., (For the Period beginning July 1st, 2018 through June 30th, 2019)

This sounds to be good however, this could be a real hindrance when we have situation to E-File our Pro-rated tax returns for the Period beginning December 1st, 2017 through June 30th, 2018. Form 2290 must be filed on a vehicle by the last day of the month following the month of its First Use. On this basis Form 2290 is due by December 31st, 2017 for vehicles first used since November 2017.

Truckers, please take this article into serious consideration and we hope that you have already e-filed your tax returns. Else, you might want to wait until the IRS recommences their Full operations. Also, Truckdues.com will not hold any responsibility for the delay in processing any tax returns which were filed during this maintenance period.

Please feel free to reach our support team @ (347) 515-2290 [9. AM through 5 PM, Central Standard Time including weekends and all major federal holidays] or write us: support@truckdues.com or Live chat with our support team for instant help.

Form 2290 is due in 3 days for vehicles first used in OCTOBER 2017!

Hello there everyone, how was your thanksgiving holiday!  We hope this 2017 thanksgiving had brought you many blessings in your life more than the autumn flowers. Now in this article we would like to remind our dear truckers & trucking companies about the near term Form 2290 deadline, which is due by November 30th, 2017 for Vehicle which are in service since October 2017.

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 Nov 30th will be the deadline to File & Pay 2290’s on vehicles which are placed over the road since October 2017. Else, Form 2290 is annually due by June & its payable until the end of August.

So don’t get yourself confused with this article, this reminder must be taken in consideration very seriously only if you had bought any new/used trucks during the month of October 2017. Else, you are still good until the next annual renewal which is due until July 2018.

Your mileage on the newly added truck really matters a lot as long as we speak about the IRS tax due. Only when you’re truck would be used on the public highway over 5000 miles For commercial vehicles & 7500 miles in case of Agricultural vehicles during the period beginning October 2017 through June 2018, then you report the vehicle on a Form 2290 as a Taxable vehicle and make a pro-rated/Partial tax due payment to the Internal Revenue Service.

If you are very sure, that your truck might not exceed the 5000 miles or the 7500 miles range within the above mentioned time frame, it clearly means that you are basically exempt from paying taxes. In such cases, you are still required to report the truck on a Form 2290 to claim an exemption. So you must report the vehicle to be a Suspended vehicle and receive the IRS watermarked copy of Schedule 1 back in your e-mail indicating the truck’s category as “W” for exemption.

Please feel free to reach our support team @ (347) 515-2290 [9. AM through 5 PM, Central Standard Time including weekends and all major federal holidays] or write us: support@truckdues.com or Live chat with our support team for instant help.