When you have Vehicle identification numbers (VIN) of up to 17 characters with mixed numbers and letters, mistakes happen. For example, you type 5 instead of S. Let’s say that you file form 2290 and pay $550 to IRS and get your Schedule 1 you take it to the DMV or the Carrier, and then you realize that the Schedule 1 has the wrong VIN. What do you do?
Thanks to IRS and Tax2290.com, IRS introduced VIN correction using form 2290 in 2009, a couple of years after introducing E-filing for Form 2290. If you make a mistake in VIN, you can send an amended Form 2290 to IRS and get the Schedule 1 corrected. But the bad news was that VIN Correction on Form 2290 can’t be E-filed, it must be printed and mailed in. It took 4-6 weeks to get the corrected Schedule 1 from IRS. All this changed in 2011, when Tax2290.com, working with IRS, started to E-File VIN Corrections and was able to get the corrected Schedule 1 in minutes. Continue reading
“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.
‘Prevention is better than cure’ is one of the oldest phrases that we hear from time to time. In business when it comes to financial matters, it is important to keep records of all transactions as a precaution; be it small or a big transaction. The sole and the most important reason to perform business activities is to earn profit; increase the zeros in our bank accounts. At the same time, we want to make sure that no mistakes or problems occur while earning those hard earned dollars for IRS or anybody else to snatch it away from us. Hence we need a good record keeping system that can actually help you save money. Keeping records to maintain the progress of our business is just as important. As per the IRS, Keep records of all your Excise taxes for at least 3 years after the date the tax is due or paid, whichever is later. They must be available at all times for inspection by the IRS. When it comes to tax 2290, it is important to maintain records for the following reasons: