“The tax code is now nine times longer than the Bible, and not nearly as interesting.” –Rob Portman. No one would deny to the fact that we have a list of Taxes lined up starting March. It all begins with your Business Income taxes and goes on to your personal Income taxes. Are these the only two taxes that are due during March and April? No is the answer and a very BIG NO from the ever working Trucking Community.
Like every month your Federal Excise Tax Form 2290 (HVUT), is due by this Month end for vehicles that went into service last month for the first time since July 2016. To make it more clear, Any Heavy vehicle with a gross weight of 55,000 lbs or above, that was first used on road in the month of February 2017, since July 2016 is due for a Federal Excise Tax Form 2290 (HVUT) by March 31st 2017. Continue reading →
“According to the IRS, the wealthiest 400 Americans, who earned an average of roughly $270 million in 2008, paid an average tax rate of just 18.2 percent that year. That’s about the same rate paid by a single truck driver in Rhode Island” – Sheldon Whitehouse. Anyone in the Trucking Industry will sure accept to this. Along with the huge responsibility on the condition of the goods they carry on their heavy rigs because the loads that they transit are not their property but they take complete ownership of the timely delivery they also have to remember and take care of the taxes they owe.
Not only the goods they transit become their responsibility, but they have to take care of many things other than that as well. First comes the Vehicle itself, they have to maintain their vehicles and it should be in proper shape to hit the high ways. Trucker’s health, they have to be fit and fine to handle the load and the vehicle. Family Of course, which is the reason they work so hard and stay mostly on the road. Continue reading →
When a new vehicle is put into service, the Form 2290 must be filed by the last day of the following month. If a vehicle was used during any part of a month, the tax will be calculated for that month as a whole. For example, if a vehicle was used on February 15th, it will be taxed as though it was used the entire month. If you first placed your vehicle on the road anytime in February, you can file your Form 2290 anytime between now and March 31st, 2016.
The tax will be prorated based on the number of months the vehicle will be used during the tax period. So vehicles that were placed in service during the month of February 2016 has to have a HVUT filed for it using the Form 2290 by March 31, and the tax will be based on 05 months, instead of the full year. For vehicles first used in March, the tax will be based on 4 months and so on. Continue reading →
Hello truckers, welcome back to our blog. A new week is here, and so here is a new blog post for you all truckers to read and enrich your possessed knowledge. You can also contribute to the topics, you would like our tax experts to speak on. We would surely appreciate it. So next time you are looking for something and you don’t come across, don’t forget Tax2290.com is there for your rescue. Continue reading →