Category Archives: Tax 2290

New Years greetings!!!

The holidays are a great time for keeping in touch with family and friends. It’s Holiday Season!!! ThinkTrade, Inc. and TaxExcise.com wishes you all a very Happy and a Prosperous New Year, 2011.

May the dawning of this New Year, fill your heart with new hopes, open up new horizons and bring for you promises of brighter tomorrows.

Happy and Safe Trucking!!!

TaxExcise.com / Tax2290.com

–always with you–

Claims for Refund of Excise Taxes – Form 8849

The IRS has recently added fraud involving the fuel tax credit to the list of frivolous tax claims being put forth by individuals and businesses. The credit has very defined criteria and applies generally to farmers and fisherman who use fuel for off-highway business purposes. There are some individuals who are trying to claim the credit when in fact their occupation or income level makes the claim unreasonable. If you attempt to claim a tax credit or refund, and it is not justified, you can be liable for up to $5,000 in penalties.

The tax credit is a possibility under the right, and narrowly defined circumstances. Basically, it works like this:

A federal excise tax is imposed on gasoline ($.184 per gallon), clear diesel fuel ($.244 per gallon), and clear kerosene ($.244 per gallon). The amount of these taxes may be credited or refunded if these fuels are used in many types of off-road uses. Common off-road uses include use as heating oil, use in stationary engines, use in non-highway vehicles, and use in separate engines mounted on highway vehicles. Continue reading →

Know more about Record Keeping.

Record keeping:

Keep records for all taxable highway vehicles registered in your name 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. Also keep copies of all returns and schedules you have filed. Keep your records even if a vehicle is registered in your name for only a portion of a period. If thetax is suspended on a highway motor vehicle for a period because its use on public highways during the period did not exceed 5,000 miles (7,500 miles for agricultural vehicles), the registrant must keep the records at least 3 years after the end of the period to which the suspension applies.

Records for each vehicle should show all of the following information.

  1. 1. A detailed description of the vehicle, including the VIN
  2. 2. The weight of loads carried by the vehicle in the same form as required by any state in which the vehicle is registered or required to be registered.
  3. 3. The date you acquired the vehicle and the name and address of the person from whom you acquired it.
  4. 4. The first month of each period in which a taxable use occurred and any prior month in which the vehicle was used in the period while registered in your name, with proof that the prior use was not a taxable use.
  5. 5. The date the vehicle was sold or transferred and the name and address of the purchaser or transferee. If it was not sold, the records must show how and when you disposed of it.
  6. 6. If the tax is suspended for a vehicle, keep a record of actual highway mileage. For an agricultural vehicle, keep accurate records of the number of miles it is driven on a farm.

Heavy Vehicle Use Tax (Form 2290) is due September 30th 2010 if used in August

Efile Form 2290 HVUT anytime from anywhere at www.Tax2290.com. Heavy Vehicle Use Tax (Form 2290) is due September 30th 2010 if first used your vehicle in August.

Time to file, it is less than a week. Try e-filing this year. It is Simple, Safe, Secured, Quick and Easy only at www.Tax2290.com. Tax2290.com specialized in e-filing and makes your filing experience easier. Taxpayers who filed with us stated high about our service and ranked #1. Continue reading →