Category Archives: Form 2290 Claims

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.

Its past deadline already. E-File your Form 2290 soon!

Form 2290 taxes are generally due by June and its payable until the end of August. Hence, to renew Form 2290 for the Period beginning July 2017 through June 2018 was on or before Aug 31, 2017. It was not obvious for many truckers to miss their tax deadline despite their busy work schedule; however the IRS would tolerate your prolongation for a only certain period of time so it’s better to renew the HVUT Form 2290 before Uncle Sam loses his patience and later he would not make any exceptions or such regardless of the Intensity of your reason for delay. Continue reading

Alert: Just 48 left until your Form 2290 Deadline!

Truckers, we are now just at a couple of days away from the HVUT tax deadline. Just 48 hours left until renewing your Form 2290 for the period beginning July 1, 2017 through June 30, 2018. All the last moment filers are online now to E-renew them Form 2290’s. In case you haven’t e-filed your Form 2290 yet, Log on to www.truckdues.com and e-file your Form 2290’s ASAP and receive the IRS watermarked copy of schedule 1 in your e-mail instantly. Continue reading

Just 4 days Left for your Schedule 1 copy to get Expired!

4 daysHello there, all Hardworking Truckers, We admire and owe ya’ll as you continuously strive to contribute towards enhancing our nation’s economy. We realize that nothing ever comes to one that is worth having, except as a result of hard work. Without Truckers where would we be all? Hungry & plain.  However, our truckers out there who had sacrificed their family and feelings towards accomplishing the work task. So they need timely updates on their Heavy Highway Vehicle Used Tax deadline (Form 2290) which they file annually to the Internal Revenue Service. Continue reading

Why E-filing is better than Traditional paper Filing?

Go greenWelcome Back! You have now landed at the right place in case you have been wondering why everyone’s talking laurels about e-filing over the conventional paper filing. Evidently, you would follow the “go green” movement immediately; without wasting any paper products & derivatives of little left trees that we love.

The ability to file your tax returns round the clock throughout the week right at your desk at home; makes our lives easy & comfortable. The speed of the entire tax return process dramatically increases with e-filing over the conventional paper method due to the advanced Internet capabilities thus saving you money and energy worked out on postage/fax/courier/delivery charges, which instead could be used for other valuable things.

E-filing is very convenient as it keeps you away from the matchless difficulties that occurs while paper filing like waiting endlessly for approvals, scattering here and there for additional information and so on. In addition to its delicacy, you receive the IRS watermarked copy of Schedule 1 copy in no time. Having said that, you might wonder how safe is this by the way? Well, your data would remain over secured servers via Internet hence it is invisible to the naked eye after a few clicks hence there is no chances of breach. Continue reading

Wish you all a very Happy Thanksgiving- TruckDues.com

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Can you believe it’s just a couple of days away? Yeah it’s Thanksgiving, the time when families come together despite their differences eat, feel & celebrate gratitude for the good things in life. This is a day of festivity; family reunions and lavish feasts including dishes like roasted turkeys, Cranberry sauce, Corns. Potatoes and Pumpkin pie are included in the Thanksgiving meal.

Gratitude is not simply something that we externally share with others; it is an attitude that we live with every day.  A lack of gratitude is often at the root of a variety of the ills that plague relationships. For example, when a boss never thanks his employees for what they do, the employees start to resent both him and their job which would cause an avalanche of damage on performance on either ends. Continue reading

Less than 24 hours to complete your 2290 Truck Taxes…

Attention Heavy Highway Truckers, you just have less than 24 hours to complete your 2290 truck tax returns with IRS. E-file would be the smart move, choose e-file and complete it online with the IRS. Stamped Schedule-1 proof will be available in just minutes.

HVUT form 2290 Due on Aug. 31

Form 2290 e-file is just $7.99 for a single truck and affordable for all truckers, we along with IRS encourage every trucker who needs to file 2290 returns to choose electronic filing as it is faster and secured. When you choose to file your 2290 tax returns online you could receive your stamped Schedule-1 proof as earlier as IRS accepts your returns and share it across. Continue reading

Efile Form 2290 HVUT By 4th Of July for $7.99 only

So truckers, welcome back to TruckDues. Hope you’re doing good. The tax season has dropped into our calendars, it is time to file, and report form 2290 if you have not pre filed form 2290 last month.

So what is coming up this July other than the tax season? Well, 4th of July is not very far from our calendars, and TruckDues takes immense pleasure in wishing you all a very happy and prosperous 239th Independence day. We know how much this day matters to you and to us as well. So come over and efile your tax return for $7.99 with utmost ease. Continue reading

Guide For Filing Credit Vehicles Through Truckdues.Com- Part-II

So truckers, how are you keeping this week. Christmas round the corner and we hope you are prepared for a feast with friends and family. We wish you all truckers’ out there, Merry Christmas and a prosperous New Year. Hope 2014 was good enough to you.

Last week, we had posted a blog on Guide for Filing Credit Vehicles Through TruckDues.com. Today, we are going to talk about the second half of the blog. We would cover the following topics: Continue reading