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.

Monday, 30 September 2013

How to Handle Truck Registrations When Filing Form 2290?

It is extremely important for owner-operators of heavy highway trucks to file their IRS tax form 2290. Most states will not let you register a heavy highway truck if the taxes on that vehicle have not been paid in full. The overdue balance is also subject to high interest rates, fees, and criminal imprisonment. The Federal government is very serious about finding out whether or not your form 2290 has been filed. You will not be issued a new registration if your taxes have not been taken care of properly. The state also has the right to revoke registrations on vehicles that have been registered prior to payment being due, if that payment is not received by the Department of Treasury by the date it is due. If this happens, you could lose time and money because you will not legally be allowed to operate your heavy highway vehicle.

If Your Heavy Highway Vehicle Registration is Due

One of the items that the tax office employee will do is check to be sure that your taxes are filed and paid in full. The county tax office will not issue your vehicle registration if the taxes have not been paid before you go to the registration office. You need to make sure your taxes are filed correctly and paid before you go to register your heavy highway vehicle. Your IRS paperwork should be up to date and you should bring the paperwork with you to the registration office so a tax office employee can certify your taxes are correct and filed with the state. 

When Your Heavy Highway Vehicle Registration Is Not Due

The vehicle registration office will check a database to see if your taxes are due for your heavy highway vehicle before they let you register that vehicle. If you previously paid your taxes in August the record will show that you are current with your tax obligations. The registration office will register your vehicle without a problem. As long as you have paid all the taxes for your heavy highway vehicle by August 31st of the registration year and your registration is due before you are required to file your taxes the following August, you may proceed to the vehicle registration office without any tax paperwork.

Registering a New Heavy Highway Vehicle

If you purchase a new truck and need to register it for your business, you need to file form 2290 before you go to the vehicle registration office. If you have not filed the tax paperwork that you need to give to the registration office, you will not be able to register your vehicle. It is best to file form 2290 before you go to register your heavy highway vehicle. Owner-operators are required to make sure their accounts are always paid in full to avoid having your vehicle registration suspended.

Friday, 6 September 2013

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. It also covers payments you make for certain types of business transactions where a middleman is involved. The form is filled out by the person making payments to you and must be included when you file your income taxes in April.

When to Use the IRS 1099 Misc?

If you have paid an individual or service provider at least $10 in royalties; over $600 for rent, prizes, awards, services, medical payments health care payments; any payments for the proceeds from a fishing boat; or any payments of over $600 to an attorney, you must file a 1099 Misc. You also need to use this form in you have made a sale of $5,000 or more to a buyer who will be reselling your goods. Note that personal payments are not to be reported on this form. Some of the forms of compensation that must be reported on this form are payments to non-employees, professional fees, payments by attorneys to witnesses, payments to non-employee entertainers, referral fees, and exchanges of services between two businesses.
(More information: https://www.Etax1099.com/)

Courtesy FLICKR

This form is only for reporting payments made by you in the course of your business dealings. The IRS’ instruction form breaks down not only all the items that you must report via this form, but it also notes all the exceptions and the various types of payments that should be reported. Those that should not be reported by you at all are also included.

Filing the IRS 1099 Misc Online

You must send 1099 Misc forms to those you have made payments to by January 31st. Further, you must then file the forms with the IRS by March 31st. These completed forms must also be filed with the state tax agency. The filing dates for state agencies vary, so you need to check with your state’s tax agency to ascertain the date. The fastest and easiest way to take care of these forms is to file 1099-misc online.

Currently, it is recommended that you complete filing of the IRS 1099 online. To do so, you will need to have software that allows you to scan in the completed forms for transmittal to the IRS. The preferred system for filing the IRS 1099 online is the Filing Information Returns Electronically System (FIRE System), provided at the IRS website. This system is available to you at no charge, and it can be accessed seven days a week, 24 hours a day.

When you file 1099-misc online, and in a timely manner, you are establishing a good way of staying on top of your payments to independent contractors and other non-employees that you do business with, whether occasionally or on a regular basis. Filing it electronically (online) makes it easier for you or your accountant to stay on point with your reporting activities each year. It also eliminates the need for extra cover/transmittal forms for each group of 1099 Misc forms you file.