Understanding the Form 1099-Misc

The IRS 1099 Misc form needs to be filled out if you have certain, specific types of what is called miscellaneous payments to non-employees, like independent contractors.

Exemption of Trucks From Filing Highway Heavy Use Tax 2290

Heavy Vehicle Use Tax, which is also known as HVUT can be defined as the annual fee taken from heavy vehicles for their transportation on public highways.

2290 IRS Tax Form - Read Out the Concept and Understand the Need

Form 2290 or 2290 IRS tax form or Heavy Vehicle Use Tax are all same and all the terms represent the standard form of Internal Revenue Service (IRS)

The Different Payment Options That Are Available For IRS Form 2290 eFile

Being a truck owner in the USA, it’s a self-responsibility to declare the tax returns for the usage of the heavy vehicle trucks in the highways.

Wednesday, 26 June 2013

IRS Form 2290 - Walk through of ETAX2290 HVUT Registration 2013-14

Here's an overview on how to file your tax form 2290 for the year 2013-2014 through an IRS approved e-filing service provider. Visit http://www.Etax2290.com to know more and file your returns..

Source: http://www.youtube.com/watch?v=Hx6ugpuDKTA

Monday, 17 June 2013

Form 2290 Filing Chart

Here's a chart which shows you how and when to pay your form 2290 taxes for the year 2013-14.

Thursday, 13 June 2013

Form 2290 - Heavy Highway Vehicle Use Tax Return

If you are a trucker and your vehicle is classified as a heavy highway vehicle and is driven on public roads you need to file form 2290 to receive your Heavy Highway Vehicle Use Tax return.

The easiest way to complete your tax return is to e-file. This allows you to enter all your information electronically, pay whatever fees you incurred and receive your actual return. This can be completed with a laptop so you have the convenience of completing your 2290 form on the road.

The first bit of information you need when filing your 2290 form is your Employer Identification Number (EIN). If you don't have that number when you e-file your can click the EIN link on www.irs.gov and they will assign one to you. This process can take up to two weeks for them to give you an EIN if you don't have one. When you e-file, be sure that you use the same name you used when you applied for your Employer Identification Number.

IMG Src: flickr.com/photos/quarterdeck/

Why do you need an EIN? The IRS needs a system for protecting your privacy and making sure they know the identity of everyone that files a form 2290. They use your Employer Identification Number and your name as a way to identify who you are. Once you have e-filed a return, if these two bits of information don't match, your return will be rejected and cancelled.

If you own more than one heavy vehicle you must list every truck's vehicle identification number (VIN). The gross weight for each vehicle must also be listed on your form 2290.

Before you e-file take a minute to research on the software providers. Their services and special offers can vary a lot, so do some research and get the best deal. If you need help narrowing down that list for completing your form 2290, I suggest you visit the IRS.gov page where they have compiled a list of 2290 e-file partners.

Your last step when you e-file your form 2290 is to file and pay your excise tax. After you have chosen your software provider follow all the prompts to file your return. Ensure all the information is accurate. You can pay your funds using electronic funds withdrawal, (direct debit) or by using the electronic federal tax payment system. (EFTPS)

There are three types of amendments that can be filed electronically if any of your truck information changes. If you have an increase to taxable gross weight, you will need to notate the month it increased so you can accurately calculate and report the difference to the IRS. If you have the need to correct any VIN information. Lastly, if a suspended vehicle exceeds the mileage use limit during any period you need to report it to receive your corrected schedule 1.

When you e-file your 2290 HVUT you are able to electronically enter your information. You are also provided with a list of software providers. E-filing also allows you to receive your return faster. It simplifies the process and saves you time. Visit http://www.Etax2290.com to file your form 2290 returns conveniently.

Thursday, 6 June 2013

What is Form 2290 and How Online IRS Tax filing happens?

Once you go through this article you will have an idea about the Form 2290. With this assurance, we will try to explain about Form 2290.

Form 2290 is also called as Heavy Vehicle Use Tax Form or IRS form 2290. The names are different but the form is a standard form and the purpose is to file tax returns of heavy vehicles.

Form 2290 is controlled by IRS (Internal Revenue Services), which is entity of US Department of Treasury. It is a Government body that will collect the excise taxes from the Heavy vehicles owners who use the highways which are maintained by the IRS.

Don’t panic, not all the Truck owners have to be compulsorily pay the tax amount to IRS. Only those vehicles which are weighing more than the 55,000 pounds or more (Gross weight), will have to file form 2290 to IRS and pay the tax amount.

pay form 2290 online

Taxation period -

The usual taxation period is starting from 1st July to 30th June every year. People who are liable to pay tax, should pay within the tax period. The criterion is the tax should be paid in the month when the vehicle is first used. If the purchase of the vehicle and its first usage falls on the regular tax year’s first month i.e in July, you have to pay the tax for the entire tax period. If the purchase of the vehicles happens in any of the month after July, you need to pay the tax at the month when the vehicle is first use, but the tax amount need to be paid for the remaining left over taxation period.

If anyone fails to pay the tax on time, the IRS will send out a notice prescribing the penalties to pay. These penalties need to be paid separately to IRS.

Important Information’s required for filling up form 2290 -

Online IRS Tax Filing is the easiest way for paying the tax amount to IRS. You should have all the important details like Truck Details, business details, Bank account number (If you are opting for direct debit option). Business details should have information such as proper name of the business, Employer Identification Number(EIN) and the address of the firm. IRS will not accept the SSN information for completing the form 2290 while Online processing. If the EIN is not available, you need to apply to get it or else you should go for the paper filing option.

Tax Payment to IRS can be made by 3 options:

1. Direct Debit - This is very convenient mode of payment. The tax payers only need to give the account details in the form 2290. IRS will collect the tax amount directly from the tax payers account.

2. EFTPS - This is the secured online payment option available with IRS. Paying money through online transaction. Easiest mode of payment.

3. Check/Money order – This is for the paper filers and not the recommended mode to make the payment since the payer need to file personally visiting to the IRS office.

Payment Acknowledgement -

After the Tax payment, the IRS will issue the proof of tax receipt and it is called as Schedule 1. This schedule 1 will be issued by IRS for the truck owners which can be used to register the vehicles in any of the states in US.

Credits claims -

If at all if the truck owner is eligible for any credits, he can directly approach IRS. The credits cannot be claimed by form 2290, for that there is another form called form 8849. Form 8849 is a credit request form and this can be filed along with the suspended vehicles filing or with the taxable vehicle filing.

Filing Medians -

Not so familiarized with the filing processes?? Nothing to worry, just contact Etax2290.com for any sort of assistance in Online IRS Tax Filing.

Wednesday, 5 June 2013

Infographic On The Tax Related Identity Theft

Report shows that Tax related Identity theft is growing at an alarming rate and 21 units of the IRS deal with different aspects of Identity Theft. Src: IRS.Gov

Etax 2290 - Authorized IRS e-file Providers help for truck owners to file their form 2290 with our any hassles and issue Schedule 1 within minutes. 

Monday, 3 June 2013

2290 IRS Tax Form - Read Out the Concept and Understand the Need

Form 2290 or 2290 IRS tax form or Heavy Vehicle Use Tax are all same and all the terms represent the standard form of Internal Revenue Service (IRS), which is used to pay the heavy vehicle tax. The truck owners will be eligible for paying the tax only if the vehicles which they own come under norms of IRS 2290.

It is compulsory that the truck owners who come under the tax limit should pay the tax to the IRS without fail. All the heavy vehicle owners need to file the tax returns by filing 2290 IRS tax form. If anyone fails to pay tax, the IRS will send out a notice to them along with claiming penalties. If notice is received, then the owners need to pay the penalties by filing separate 2290 form. So the truck owners need to be attentive and should pay the tax without fail during the tax year.

The excise tax is controlled by the IRS (Internal Revenue Service) of US Department of Treasury and they are responsible to track all the vehicles that use the highway across US. They have all the rights to demand the excise tax of the vehicles.

heavy vehicle truck tax
IMG source: /http://www.flickr.com/photos/quarterdeck/

Heavy Vehicles Truck owners’ responsibility -

When we say about the form 2290, not all the truck owners need to pay the tax, only those whose vehicle gross weight is more than 55, 000 pounds or more. Any heavy vehicles which weigh less than the said figure, for instance even if the vehicles weighs 54,999 pound, the owners need not pay the tax. The owners have to take up voluntary responsibility of paying the tax to IRS of Heavy vehicles which comes under the form 2290 tax window. Truck owners may be individual or corporation or partnership or Limited company, all need to pay the tax to IRS.

The tax year will start from 1st July to 30th June. If the vehicle is purchased in July, the tax can be paid as per the normal tax schedule, if the vehicle is purchased after July, the tax will be counted from the month when the vehicle is used first. 

Payment of Tax -

Form 2290 Electronic filing is the best mode of payment of the tax to IRS. The benefit of the E-File is the tax filers need not have to wait in a queue in IRS office, they get the proof of payment i.e. schedule 1 in minutes.

This has got many advantages, where the online system checks out the error in the filing and gives the feedback in minutes. Fast approvals and accurate data processing is the beauty of the E-filing. 

Copy of Schedule 1 which is stamped by IRS will be used to the Truck Owners to register their vehicle in any state in the US. 

Ignored Entities - Form 2290 truck tax 

The Qualified subchapter S Subsidiaries (QSubs) and the eligible single-owner ignored units are treated separately for filing IRS form 2290 and reporting the purposes for form 2290. Even they need to pay tax but they can claim the credits, refunds and any payments based on the entities employer Identification number (EIN). They should never file 2290 based on the owners TIN. Always keep EIN and TIN details which will be helpful in filling the form 2290. 

If the owners have purchased the vehicle from the others, they need to even pay the tax for the remaining tax year of the vehicle. They cannot use the previous owners IRS form 2290, they need to file separately. 

There are many things to understand the needs of form 2290 electronic filing and the nuances of 2290 IRS tax Form. Don’t get distressed, contact us and transfer all your worries of E filing to us to take care.