“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
“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.
When a new vehicle is put into service, the