It’s that time of the year again where every Truck Driver, Owner Operator and Business owner are vigilant and on their toes lining up to complete the Federal excise tax (HVUT) Form 2290. Form 2290 is due now and has to be renewed for the tax year 2020-2021. Tax season is here, and with it comes all the routine paperwork and last minute confusion. The earlier you start with the return by figuring out how much your tax is better. Electronic filing has always been the best way to report form 2290 as it is fast and less time-consuming. With most of the IRS offices still closed Electronically filing form 2290 is the only option in getting your tax return completed on time.Continue reading
As the saying goes “Cometh the hour, cometh the man” Our Truckers just simply do not fail to amaze us! When all hope fails they are our first line of defense, being on the front line amidst this COVID-19 crisis, risking their lives to make sure our shelves do not run empty and all the while ensuring that much-needed essentials are transported far and wide across the country. It sure is a tough job and not for the faint-hearted.
We at Taxexcise.com love showing appreciation to our truckers for their dedication and safety, and we would go above and beyond to see that your Form 2290 issues are handled while you’re on the road, something we have been doing for over a decade and are best at. After all, our supply chain depends on your reliable transportation.
A Gentle reminder for trucks that were newly purchased or first put into service in the month of April, the deadline to have these vehicles reported on a 2290 is May 31. Due to the lockdown and social distancing Electronically filing your tax return has come in handy and is the most easiest and convenient option to have your return filed on time, though the IRS offices are closed their E-File services are operational and returns filed online are being accepted within a few minutes.Continue reading
Coronavirus disease 2019 (COVID-19) is a respiratory illness caused by a virus called SARS-CoV-2. Symptoms often include cough, shortness of breath, fever, chills, muscle pain, sore throat, or new loss of taste or smell. Our understanding of how the virus spreads is evolving as we learn more about it, so check the CDC website for the latest information. The virus is thought to spread mainly from person-to-person:
- Between people who are in close contact with one another (within about 6 feet)
- Through respiratory droplets produced when an infected person coughs, sneezes, or talks
Recent studies indicate that the virus can be spread by people who are not showing symptoms. It may be possible that a person can get COVID-19 by touching a surface or object that has the virus on it and then touching their own mouth, nose, or possibly their eyes. This is not thought to be the main way the virus spreads, but we are still learning more about this virus. Older adults and people of any age who have serious underlying medical conditions may be at higher risk for more serious complications from COVID-19.As a long-haul truck driver, how can I protect myself and slow the spread?Continue reading
Under the CARES Act, the Internal Revenue Service (IRS) has been issuing Economic Impact Payments (stimulus checks) as part of the economic relief effort. The Internal Revenue Service announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments.
The enhancements, which started last month, adjusted several items related to the online tool, which debuted on April 15. The additional changes will help millions of additional taxpayers with new or expanded information and access to adding direct deposit information.
“We delivered Get My Payment with new capabilities that did not exist during any similar relief program, including the ability to receive direct deposit information that accelerates payments to millions of people,” said IRS Commissioner Chuck Rettig. “These further enhancements will help even more taxpayers. We urge people who haven’t received a payment date yet to visit Get My Payment again for the latest information. IRS teams worked long hours to deliver Get My Payment in record time, and we will continue to make improvements to help Americans.”
“We encourage people to check back in and visit Get My Payment,” Rettig added. “These enhancements will help many taxpayers. By using Get My Payment now, more people will be able to get payments quickly by being able to add direct deposit information.”
How to use Get My Payment
Available only on IRS.gov, the online application is safe and secure to use. Taxpayers need a few pieces of information to quickly obtain the status of their payment and, where needed, provide their bank account information. Having a copy of their most recent tax return can help speed the process.
For taxpayers to track the status of their payment, this feature will show taxpayers the scheduled delivery date by direct deposit or mail and the last four digits of the bank account being used if the IRS has direct deposit information. They will need to enter basic information including:
- Social Security number
- Date of birth, and
- Mailing address used on their tax return.
Taxpayers needing to add their bank account information to speed receipt of their payment will also need to provide the following additional information:
- Their Adjusted Gross Income from their most recent tax return submitted, either 2019 or 2018
- The refund or amount owed from their latest filed tax return
- Bank account type, account and routing numbers
Get My Payment cannot update bank account information after an Economic Impact Payment has been scheduled for delivery. To help protect against potential fraud, the tool also does not allow people to change bank account information already on file with the IRS.
3 Tax Forms, 3 Days, One Place to get it all Completed at TaxExcise.com !!
In the fast-paced Trucking Industry overcoming deadlines is the most essential part to stay compliant with the IRS, missing out on these crucial deadlines will result in penalties with interest for late filing. It feels like this year has just begun, but we are almost at the end of the first month of 2020. The interesting fact about the month of January is that you have Three Tax Deadlines corresponding together on January 31st.
CAUTION !! Deadlines Ahead.
Was your vehicle used for the first time in December 2019?
Form 2290 is due by January 31st for vehicles first put into service in the month of December 2019. You must file Form 2290 for these trucks by the last day of the month following the month the vehicle was first used on public highways.
Form 720, Quarterly Federal Excise Tax Return has to be reported by the last day of the month following the calendar quarter, this form is filed every quarter to report taxes imposed on the manufacture, sale or usage of certain type of goods and products and the deadline for the 4th quarter of 2019 is January 31st. Failure to file or late filing will result in penalties with interest.
International Fuel Tax Agreement report is filed for vehicles that travel in at least 2 or more IFTA jurisdictions. All reports will house the amount of fuel used and mileage covered for each jurisdiction traveled. IFTA fuel reports are due four times a year, the last day of the month after each quarter closes. Prepare this report for the fourth quarter of 2019 before the January 31st deadline.
With Three Tax Form deadlines fast approaching every day counts, the last few days will see an exceptional amount of returns being processed by the IRS, beat the deadline race by filing online using www.taxexcise.com / www.tax2290.com. Our user-friendly website allow users to report and complete tax returns in a cost-effective and timely manner. Returns processed online do get a quicker response and are accepted in just a few minutes.
Need Help Filing Online?
Do not worry, Our Tax Experts are just a phone call away. And did you know that we are the only online service provider that can be reached by Phone, Email and Live Chat? Yes, you heard that right, our three-way line of communication gives users multiple options for assistance. You can reach us @ 866-245-3918 or just drop us an Email @ email@example.com, do also try out our LIVE CHAT feature available on the website.