Tag Archives: IRS 2290

Congress Passes Tax Credits for Alternative Fuels!

Late Thursday evening in Washington, D.C. Congress passed the 2011 tax package, which includes incentives for the purchase of alternative fuels. According to the Associated Press, the package consists of “A series of incentives for selling, using and producing alternative fuels, including ethanol. Many of the provisions expired at the end of 2009. They would be extended through 2011. Cost: $11.3 billion” (Associated Press). In addition, the tax extension includes tax credits provided to property owners, both residential (up to $1,000) and commercial (up to $30,000), for installing electric vehicle charging systems in their home or workplace. In a press release the Electric Drive Transportation Association stated, “We applaud Congress for extending these charging station tax-credits for the growth of plug-in electric vehicles in the U.S.”. In addition, the U.S. Senate and House of Representatives reinstated a biodiesel tax incentive that had been eliminated in 2009. In an announcement presented on the Biodiesel.org website it said, “The biodiesel tax incentive is structured in a manner that makes the fuel price competitive with conventional diesel fuel in the marketplace.” (www.biodiesel.org). Lastly, the new Tax Bill for CNG and propane, “…extends the 50 cents per gallon excise tax credit retroactively for calendar year 2010 and through December 31, 2011. It also extends tax credit incentives for developing natural gas fueling infrastructure,” (www.tradingmarkets.com). All of these tax credits and incentives are expected to be signed into law by President Obama today, Friday December 17, 2010.

These alternative fuel and technology tax credits and incentives will continue to help the U.S. become more educated about alternative fuel energies, create more U.S. jobs and become less dependent on foreign oil- a step forward to ensuring air quality for future generations.

File your Form 8849 credits at www.Tax8849.com / www.TaxExcise.com today and get instant approval from IRS. It’s easy, simple and secured to do it online. It eliminates credit form errors and make claims easy. Also allows you to get your money faster from the IRS.

Help Desk: 1-866-245-3918       Email: support@taxexcise.com

Dual Registration and reporting 2290

If a taxable vehicle is registered in the name of both the owner and another person, the owner is liable for the tax. This rule also applies to dual registration of a leased vehicle.

Dealers

Any vehicle operated under a dealer’s tag, license, or permit is considered registered in the name of the dealer. Continue reading →

Eight Things to Know If You Receive an IRS Notice

Did you receive a notice from the IRS this year? Every year the IRS sends millions of letters and notices to taxpayers but that doesn’t mean you need to worry. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox.

1. Don’t panic. Many of these letters can be dealt with simply and painlessly.

2. There are number of reasons the IRS sends notices to taxpayers. The notice may request payment of taxes, notify you of a change to your account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return.

3. Each letter and notice offers specific instructions on what you need to do to satisfy the inquiry. 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.