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 recordkeeping 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 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. When it comes to filing tax 2290, it is important to maintain records for the following reasons: Continue reading
Category Archives: Truckers Need
A Form 2290 Update You must Know!!
Another 7 weeks left!!
The Form 2290 tax is due from July 1st through June 30th, and it must be paid by August 31st for existing Vehicles. The tax starts with vehicles 55,000 lbs or more. If you have 25 or more vehicles that are going on the 2290 Form you MUST file electronically.
If you have driven your vehicle less than 5,000 miles (7,500 for agriculture) you can claim the suspension of tax. You can also claim this if you expect to use it for less than the mileage limit in the coming year.
If you acquire a vehicle that is to be used on the highways you must pay the 2290 tax for truckers by the end of the month following the month you purchased the vehicle in.
The current period begins July 1st, 2012, and ends June 30th, 2013.
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IRS confirms on form 2290 For the Tax Period July 2012-June 2013!!
Finally IRS has confirmed that Form2290 filings for Tax period July 2012-June2013 will be open from July 1st, 2012. The due date is restored to its customary date (the last day of the month following the month of first use), unlike prior Tax Period July 2011-June 2012 where the due date for Form 2290 was temporarily changed for July, August, September and October. This means your HVUT is due on the normal date of August 31, 2012 for vehicles first used in July 2012. Continue reading
IRS Changes EIN Limit To One Per Day !!
Effective May 21, the IRS will begin issuing only one EIN (employer identification number) per responsible party each day, a change from the current limit of five per day. This limit applies to all requests for an EIN whether online or by phone, fax or mail. This policy was implemented to ensure fair and equitable access to all applicants with legitimate tax administration-related needs. It also ensures the EIN system continues to operate effectively. Continue reading
10 Reasons to Become a Truck Driver!
Truckers handle the transportation of goods such as retail and building materials, as well as hazardous materials. While the work can mean long hours on the road and time away from home, especially for long-haul truckers, the job also comes with a number of benefits. Many of those benefits remain unavailable to those working in professions that require regular office hours: Continue reading