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Showing posts with label Credit vehicles. Show all posts
Showing posts with label Credit vehicles. Show all posts

Monday, August 17, 2015

No Longer Operating a Heavy Vehicle: A Guide to the Final Return

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If you’ve e-filed with us before, you may have noticed an option to select “Final Return” at the step where you enter your first-use-date and filing year. But what exactly does selecting “Final Return” mean?

In the past, selecting “final return” on your 2290 meant that you could no longer e-file your HVUT, but now the IRS wants you to select “Final Return” when you no longer have a vehicle to e-file for.

Whether your vehicle has been sold, stolen, or destroyed, if you no longer have a Heavy Vehicle to e-file for, you should choose “Final Return”. And in the event you find yourself with a new vehicle and able to file your HVUT again, all you have to do is e-file normally.

Where to Find “Final Return”


At the beginning of your return, after you enter your business information, and select your filing year, you’ll find an option to select “Final Return” at the bottom of the page.

Only select this option if you no longer have a vehicle to file for. If this is not your final return, simply file your return as normal.





Is It Any Different than Filing Normally?


Filing for your final return will be the same as filing from year to year, with the small difference of selecting “Final Return,” and adding a credit vehicle instead of a suspended or taxable vehicle.


Reporting Stolen, Sold, and Damaged Vehicles



When you file your return, there’s a whole section dedicated to credit vehicles. These are vehicles that were sold, traded in, lost, or destroyed during the tax year. If this is your final return, you’re only going to be entering a Credit Vehicle.

Once you get to the “Credit Vehicle” section of your return, simply add your vehicle information in the pop-up window. You will need to know your VIN, first-used month, gross-vehicle weight, and whether your vehicle was used for logging.

Then it’s time to indicate your “Loss Event.” These event reasons come in the form of a drop down menu and all you have to do is select the reason you no longer have your vehicle. Was it sold, destroyed, or stolen?

If the vehicle was sold, you will need the information of the person you sold it to in order to file your return. Then just add the date this event happened for that specific loss event, and move onto the next part of your return.

If you need any help with e-filing or have questions about when to select your final return, our dedicated support legends are here for you. Just give them a call at 704.234.6005 or send them an email at support@expresstrucktax.com for 24/hour support in both English and Spanish.

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Thursday, January 29, 2015

Transferring Your 2290 to a New Vehicle

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Do you need to transfer your 2290 in a hurry?

If you swapped vehicles or purchased a new one in December of 2015, then the answer is yes!

Vehicles first used in December have a 2290 filing deadline of January 31st!

Even though that’s no time at all, it’s still plenty of time to swap over your 2290. In fact, you could file a 2290 approximately three hundred and forty eight times between now and the Saturday deadline! (Yeah, I did the math.)

That’s because it only takes about 10 minutes to E-file a E-file a Form 2290. So if you’ve recently swapped vehicles, it’s time to get in gear and get yourself E-filed before the deadline.


Here’s the Game Plan:

1. E-file a new Form 2290
2. Claim a Credit Vehicle on that form
3. Receive your new Stamped Schedule 1 via email instantly



That’s all it takes to “transfer” your 2290 from your old vehicle to the new one. Want to see it step-by-step? I thought so, here’s the Play-by-Play.



Step 1: Login or create an account (it’s free!). If you’re new to ExpressTruckTax, quickly enter your name, business info, and EIN before you begin E-filing. Finally, click “Start New Return,” choose a Form 2290, and then enter your first-used month (the month in which you purchased the new vehicle).




Step 2: Now to enter your taxable vehicle information (for the new truck). Simply input the VIN, gross weight, and select whether the vehicle is used for logging. Save and then skip the next few screens until….




Step 3: It’s time to enter your Credit Vehicle. This is how you receive a prorated refund on the HVUT tax previously paid. Click +Add a Credit Vehicle, enter the VIN & gross weight, then enter details of the “loss event.” This means choosing the date on which the vehicle was sold, lost, or destroyed, as well as uploading any required evidence, like a bill of sale. 




And that’s it. Simply input your payment method, and then hit the big green Transmit button.
Within about 10 minutes, the IRS will have reviewed you return, and if it’s accepted (98% of returns E-filed with us are!), then you’ll receive your new stamped Schedule 1 via email immediately.

Bonus Tips: More Ways to Save

  • If your previous truck was sold, stolen, or destroyed, and you are choosing not to replace it, then you can still get a prorated refund of the HVUT you paid! The procedure is different from the “transfer” process. To claim a prorated refund in this case, simply E-file a Form 8849. We offer easy E-filing of this form too, check out these tips on how to file your 8849 fast. 
  • If your business name or EIN has changed, then you can also get a prorated refund for the taxes paid under the previous name/EIN. Just E-file a new Form 2290 for all vehicles under this new name or EIN. Then E-file a Form 8849 under the old name/EIN to get some of those tax bucks back. 

Here’s a lil’ chart to help you determine what you need to file:




Still have questions about transferring your 2290 or claiming your refund? That’s what our Support Team is for! They’re ready to lend a helping hand to E-filers in distress, 24/7. Call them at 704.234.6005 or shoot them an email 24/7 at support@expresstrucktax.com.

They’ll help you cross the E-filing Finish Line before the deadline, guaranteed.


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Wednesday, November 6, 2013

Form 2290 Credit Vehicles

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IRS Form 2290, Highway Heavy Vehicle Use Tax claiming credit for the following scenarios:
  • You can take credit for the vehicle if it was stolen, destroyed or sold before June 1 and not used during the remainder of the period, or
  • Used during the prior period 5,000 miles or less (7,500 miles or less for agricultural vehicles).

A credit, lower tax, exemption, or refund is not allowed for an occasional light or decreased load or a discontinued or changed use of the vehicle.  What that means is if you filed your Form 2290 at 80,000 lbs, but had occasions where you operated at a lower weight class, that will not qualify you for a credit.  If you used your vehicle for only a portion of the tax year, you will qualify for the credit IF you did not exceed 5,000 miles (7,500 miles for agricultural vehicles).  If you did travel more than 5,000 miles (7,500 miles for agricultural vehicles) then you will NOT qualify for the credit.

The credit for vehicles that were stolen, destroyed or sold during the tax year will be prorated based on the dates of the occurrence.  For vehicles sold, destroyed or stolen, you must include the VIN, taxable gross weight, and date of sale, accident or theft. The credit for the tax paid can be claimed on the next Form 2290 filed or the refund can be claimed on Form 8849.  You do not have to wait until the tax period ends.

The credit for low mileage vehicles you either qualify for it and you will get the full amount that you paid as a credit or you will not qualify and you will not get any portion of the credit.  This credit is never prorated. For vehicles that tax was paid and the vehicles were used 5,000 miles or less (7,500 miles or less for agricultural vehicles), the credit (or refund) cannot be claimed until the end of the tax period for which the initial tax was paid.  Even if you know at some point during the tax year that you will not exceed the 5,000 mile mark, you will not be able to claim the credit until the tax period ends, which is on June 30th.

The credit claimed cannot exceed the tax reported on Form 2290. If this occurs, any excess credit must be claimed using Form 8849, Claim for Refund of Excise Taxes, and Schedule 6, Other Claims. When you use ExpressTruckTax to E-File your Form 2290, if your credit exceeds the tax due, our program will automatically generate the Form 8849 for you.  No need to enter any additional information!

For more information or to get started today, visit ExpressTruckTax.com or contact our Express Tax Support Center in Rock Hill, SC at 704-234-6005 or email us at support@ExpressTruckTax.com.  We have Spanish Support too!

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Wednesday, September 18, 2013

Form 2290 Credit Vehicles

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IRS Form 2290, Highway Heavy Vehicle Use Tax claiming credit for the following scenarios:

  • You can take credit for the vehicle if it was stolen, destroyed or sold before June 1 and not used during the remainder of the period, or
  • Used during the prior period 5,000 miles or less (7,500 miles or less for agricultural vehicles).

A credit, lower tax, exemption, or refund is not allowed for an occasional light or decreased load or a discontinued or changed use of the vehicle.  What that means is if you filed your Form 2290 at 80,000 lbs, but had occasions where you operated at a lower weight class, that will not qualify you for a credit.  If you used your vehicle for only a portion of the tax year, you will qualify for the credit IF you did not exceed 5,000 miles (7,500 miles for agricultural vehicles).  If you did travel more than 5,000 miles (7,500 miles for agricultural vehicles) then you will NOT qualify for the credit.

The credit for vehicles that were stolen, destroyed or sold during the tax year will be prorated based on the dates of the occurrence.  For vehicles sold, destroyed or stolen, you must include the VIN, taxable gross weight, and date of sale, accident or theft. The credit for the tax paid can be claimed on the next Form 2290 filed or the refund can be claimed on Form 8849.  You do not have to wait until the tax period ends.

The credit for low mileage vehicles you either qualify for it and you will get the full amount that you paid as a credit or you will not qualify and you will not get any portion of the credit.  This credit is never prorated. For vehicles that tax was paid and the vehicles were used 5,000 miles or less (7,500 miles or less for agricultural vehicles), the credit (or refund) cannot be claimed until the end of the tax period for which the initial tax was paid.  Even if you know at some point during the tax year that you will not exceed the 5,000 mile mark, you will not be able to claim the credit until the tax period ends, which is on June 30th.
The credit claimed cannot exceed the tax reported on Form 2290. If this occurs, any excess credit must be claimed using Form 8849, Claim for Refund of Excise Taxes, and Schedule 6, Other Claims. When you use ExpressTruckTax to E-File your Form 2290, if your credit exceeds the tax due, our program will automatically generate the Form 8849 for you.  No need to enter any additional information!

For more information or to get started today, visit ExpressTruckTax.com or contact our Express Tax Support Center in Rock Hill, SC at 704-234-6005 or email us at support@ExpressTruckTax.com.  We have Spanish Support too!

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Tuesday, July 9, 2013

E-File Form 2290-Credits Not Exceeding Low Mileage

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If you paid heavy vehicle use taxes during a previous tax period, but did not exceed the 5,000 mile threshold or 7,500 for agricultural you are eligible for a tax credit or a refund.

This video walks you through the simple process for claiming your Form 2290 credit and/or refund.

For more information or to get started today, visit ExpressTruckTax.com or contact our friendly US Based Express Tax Support Center in Rock Hill, SC at 704-234-6005 or email us at support@ExpressTruckTax.com.  We have Spanish Support too!

Read More »

Wednesday, June 26, 2013

Form 2290 Credit Vehicles

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IRS Form 2290, Highway Heavy Vehicle Use Tax claiming credit for the following scenarios:
  • You can take credit for the vehicle if it was stolen, destroyed or sold before June 1 and not used during the remainder of the period, or
  • Used during the prior period 5,000 miles or less (7,500 miles or less for agricultural vehicles).

A credit, lower tax, exemption, or refund is not allowed for an occasional light or decreased load or a discontinued or changed use of the vehicle.  What that means is if you filed your Form 2290 at 80,000 lbs, but had occasions where you operated at a lower weight class, that will not qualify you for a credit.  If you used your vehicle for only a portion of the tax year, you will qualify for the credit IF you did not exceed 5,000 miles (7,500 miles for agricultural vehicles).  If you did travel more than 5,000 miles (7,500 miles for agricultural vehicles) then you will NOT qualify for the credit.

The credit for vehicles that were stolen, destroyed or sold during the tax year will be prorated based on the dates of the occurrence.  For vehicles sold, destroyed or stolen, you must include the VIN, taxable gross weight, and date of sale, accident or theft. The credit for the tax paid can be claimed on the next Form 2290 filed or the refund can be claimed on Form 8849.  You do not have to wait until the tax period ends.

The credit for low mileage vehicles you either qualify for it and you will get the full amount that you paid as a credit or you will not qualify and you will not get any portion of the credit.  This credit is never prorated. For vehicles that tax was paid and the vehicles were used 5,000 miles or less (7,500 miles or less for agricultural vehicles), the credit (or refund) cannot be claimed until the end of the tax period for which the initial tax was paid.  Even if you know at some point during the tax year that you will not exceed the 5,000 mile mark, you will not be able to claim the credit until the tax period ends, which is on June 30th.

The credit claimed cannot exceed the tax reported on Form 2290. If this occurs, any excess credit must be claimed using Form 8849, Claim for Refund of Excise Taxes, and Schedule 6, Other Claims. When you use ExpressTruckTax to E-File your Form 2290, if your credit exceeds the tax due, our program will automatically generate the Form 8849 for you.  No need to enter any additional information!

For more information or to get started today, visit ExpressTruckTax.com or contact our Express Tax Support Center in Rock Hill, SC at 704-234-6005 or email us at support@ExpressTruckTax.com.  We have Spanish Support too!

Read More »

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E-file your HVUT Form 2290 with ExpressTruckTax.