Hello dear truckers! Here we meet you again with yet another update regarding your from 2290’s. Recently the IRS published a notification officially stating that they have stopped accepting payments using credit or debit cards until further notification. Paying using credit or debit card was the most opted way of payment mode for most of us know what to do in this case? Well, we do have 3 more options and let’s see what can be done.
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Hey there truckers! Hope you’re all covered up with your taxes. There’s always a deadline coming up every month and as you know it’s time to report your vehicles bought in the month of December 2019 before January 31, 2020. Though most of you prefer to file your tax returns electronically we do get contacted for manual filing process. This blog is for those who choose to go the traditional way of filing your tax returns manually.
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Greetings dear truckers! It’s once again time for an update regarding your taxes and renewals. It’s a busy start of the year after the IRS was on a long shut down until it resumed services. It’s time to remind you of some deadlines and renewals up ahead. January 31st, 2020 will be a deadline for paying your Form 2290 taxes for trucks purchased in the month of December 2019. Also, its time to renew your PTIN’s our dear tax preparers.
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Hello dear truckers, Hope our wishes reached you! With great kick start for the year and we hope it’s been quite good so far for you. Yet again it’s time for our timely updates for you and we have two things to inform you. Being at the start of the year we could see that most of our customers are buying and trading trucks for a fresh start as an upgrade. Any vehicles bought in the month of December and vehicles on road starting December 2019, it’s time for you to file your form 2290’s under prorated basis to get your schedule-1 copy for your license plates before January 31st, 2020. File your Form 2290’s right away and get your schedule-1 copies into your email today. Why wait when you can do it now.
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Hello there truckers! Hope you rocked the New Year’s Eve and yet again it’s time to start fresh and move forward. Truck dues wishes you a happy and prosperous year ahead. Most of your truck tags are up for renewal and the common question that arises is “Do we need a schedule-1 copy for renewal?” well yes! But the most common question that we come across is “Where is the stamped IRS stating that the taxes are paid?” Well let’s see that in detail today.
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Bought a heavy vehicle for yourself? Wondering whether to pay the taxes for the whole year? Well that’s what the prorated taxes are about. As per the IRS “All heavy vehicles operated on the high way with a gross weight of 55,000 lbs or above and with a mileage of 5,000 miles (7,500 miles for agricultural vehicle) is taxable”. So have you got a vehicle with a gross weight of 55,000 lbs or above and if you have plans of operation it on the highway over 5,000 miles the dead line for paying the taxes is just a couple of days away.
Well first things first so what about the tax calculation? The Prorated taxes are calculated based on the month of first use and the vehicle should have crossed 5,000 miles. That being said the payment date would be your next question. Well, as per the IRS the “Prorated taxes are to be paid by the last date of the month following the month in which it was first used”. So the taxes for the vehicles bought by April is due and the deadline is on 31st May, 2019.
What will you incur if you don’t pay the taxes? Well that’s simple the IRS will charge a fee for failure to file and failure to pay at a rate of 4.5% and a penalty of 0.5% of the taxable amount. So why to incur these charges when it’s still not late to file your return. But the time is on the horizon and its just a couple of days more to file your prorated taxes.
What if you have paid for an old vehicle which you have sold to buy a new one? But paid the taxes in full? There’s no need to worry about it. The taxes can be transferred to the old vehicle to the new once as credits. Just by filing a Form 2290 for the new vehicle and old vehicle by listing it under sold category. Here at TruckDues.com this process is made simple and the calculations are done automatically such that the website itself will do the math and notify you the difference. This will help you assess whether if there is anything to be paid out of pocket or if the available credits would cover up the taxes for the new vehicle.
So what are you waiting for, rush now just log into TruckDues.com and enter the new vehicle details, let our website do the math for you. Just with a click you will be able to transmit the return to the IRS and receive a water mark copy of Form 2290 schedule-1 to your registered personal email.
Hello there HVUT payers, we hope this article reaches you with high spirits. Now over this article we are going to discuss the most common misconception that arise among the HVUT payers while choosing the right IRS tax payment option while e-filing their HVUT Form 2290.
As you know, while e-filing your HVUT Form 2290 you got 4 different options in order to make the tax payment to the IRS. Namely
Amongst the 4 above option, only via Electronic Funds withdrawal the IRS will be able to process the tax payment automatically. Rest other options require your action to logon to the respective website and schedule payments to the U.S. Department of Treasury.
Recently the IRS began accepting tax payments using Credit/Debit cards. Since, then many HVUT payers are prone to misconception based on their assumption that paying the IRS tax payment using credit/debit card is an automated process but in reality it’s not. Hence, by far many HVUT payers have received a letter from the IRS stating a non-tax payment due to the ignorance of the tax payers.
So, inured for you to be able to make the IRS tax due payment using your credit/debit card you must log on to https://www.irs.gov/payments/pay-taxes-by-credit-or-debit-card and choose one of the 3 payment processors who support tax payment using card.
Reach us back for any further assistance with your HVUT Form 2290 filings.
Truckers, the HVUT Form 2290 is now due by May 31 for vehicles first used since April 2019. As you’re reading this, remember this pro-rated Form 2290 is now due only for vehicles that were purchased/re-purchased/into operations beginning April 2019.
The HVUT Form is basically an annual tax paid to the Internal Revenue Service on vehicles which comprises a minimum gross weight of 55000 lbs or more and if the same vehicle is used over the public highway for its desired purpose of use.
The IRS has drafted 3 different mileage limits for exemption on vehicles based on its nature of use. Please find the drafted mileage limit of exemption for vehicles as follows:
For commercial based units- 5000 miles
For Agricultural based units- 7500 miles
For Logging based units – 5000 miles.
Any said vehicle seems to exceed the above mentioned mileage limit for exemption needs to be reported as a Taxable Vehicles and the tax amount needs to be paid to the IRS upfront for the period its reported regardless it’s an annual or apportion filing. However, on the other hand if the subjected vehicle seems to be operated below the desired mileage limit for exemption, then it would remain to be exempt.
E-Filing your Pro-rated HVUT Form 2290 using www.truckdues.com and receive the IRS digital watermarked copy of schedule 1 within minutes after you e-file. The same copy could be used as a proof of filing during the vehicle registration purposes. Reach us back @ (347) 515-2290 or support@truckdues.com for any further assistance. Have a Good One!
Hey there Truckers, over this article we are going to discuss about the most common error committed by the HVUT tax filers whist e-filing their HVUT Form 2290. This error occurs when the tax filer is not aware about the fact the tax return needs to be transmitted to the IRS post preparation in order for being able to receive the IRS digital watermarked copy of Schedule 1 back in their e-mail.
During the e-filing process, most HVUT payers assume that they have completed the e-filing process right after they make the service fee payment using their credit/debit card. However, at times they forget the final step in submitting the prepared tax return to the Internal Revenue Service.
The HVUT Form 2290 is basically the Heavy Highway vehicle used tax return filed for trucks which comprises a minimum gross weight of 55000 lbs or more and the same truck is been used over the public highways for commercial/agricultural/logging purposes.
If the said vehicle needs to be registered with the state department of motor vehicle, the Form 2290 needs to be filed upfront and the IRS digital watermarked copy of schedule 1 is required during the vehicle registration is concerned. Unless the stamped schedule 1 copy is submitted, the DMV does not support renewals of License plates, tags, stickers and so on.
Reach our tax experts for your HVUT Form 2290 needs. Economic e-filing begins here as low as $7.99. It only consumes few minutes to e-file your federal HVUT Form 2290 and to receive the stamped confirmation back in your e-mail.
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.
Well! Mistakes are ought to be corrected
Have you made a mistake while filing your return and does it need to be corrected? Well there’s no need to worry about it, The IRS facilitates tax filers to correct the mistakes through 2290 amendment from.
Amendment is basically correcting or changing the returns previously filed
The IRS supports amendment for the following scenarios
Here at truckdues.com we support all these correction services through e-filing with minimal time and easy to go procedures.
Suspended vehicle exceeding mileage:
Was your vehicle reported as a suspended vehicle (i.e. vehicles mileage under 5000 miles or 7500 miles) and the vehicle has ran more than that? This is referred as suspended vehicle increase in mileage. This can be reported by logging on to our website and select the “suspended vehicle exceeding mileage” category, also you need to mention that when your vehicle exceeded the mileage from the previously filed return, our website would do the math automatically and display the tax amount to be paid.
Increase in taxable gross weight:
Have you increased your vehicle’s taxable gross weight (i.e. 55,000 lbs) after filing the previously filed return? If so, the vehicle would fall under a new category and additional taxes would be incurred accordingly. Now just login to our website and select the “increase in taxable gross weight” category. All you need to remember is the previously reported gross weight and first used month. Our website would do the math automatically for you.
VIN correction:
Have you entered the wrong VIN number of your vehicle? This should be corrected as soon as you receive the schedule 1 copy from the IRS from the previously files return and report the VIN correction. You will be able to change the VIN number through our website for free if you previous return was filed through us and you will receive the schedule 1 copy for the corrected VIN through email.
So, hurry up and do the necessary corrections need before it’s too late!