“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
‘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: 
“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.
“As far as Athens is concerned, I also think about all those people who are trying to escape tax all the time. All these people in Greece who are trying to escape tax. – Christine Lagarde. It is not wrong to have a thought to hold on to your hard earned money as long as possible, but one should make sure that they file & pay their taxes on or before the deadline to safeguard themselves from IRS penalties & interests. 
Most of the drivers get nervous when they see the flashing lights of a police car on their rear view mirror. Of course, who would like to get pulled over when we are rushing towards our destiny? You like it or not it’s mandatory to show the officer that you are cooperating. The next second those lights come on, make sure that you are being observed and the way you react will decide whether you are going to end up in a problem or not.