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Showing posts with label HVUT 2019. Show all posts
Showing posts with label HVUT 2019. Show all posts

Tuesday, May 28, 2019

Could a Disregard of Ethics Cost You More?

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Department of Transformation Elaine Chao secretary of transportation stock in Vulcan Materials CoDespite the conflict of interest and ethics agreement signed, Transportation Secretary, Elaine L. Chao has now gained 13 percent in stock earnings since agreeing to receive a cash payout for stocks she owns in Vulcan Materials Company. Vulcan Materials Company is America's largest supplier of material used in road-paving and building. It is reported that the 13 percent increase is equivalent to $40,000 on top of the $400,000 she has already made from the stock had she relinquished them on the date she had agreed to, April 2018. 

The disregard of ethics from Chao has a former director of the Office of Government Ethics, Walter Shaub curious as to what message this is sending to the staff of the Department of Transportation (DOT). You may be wondering what this has to do with you, but with the Heavy Vehicle Use Tax (HVUT) deadline approaching you may find yourself shelling out more in taxes than you should.

What To Know About HVUT

The HVUT is an annual fee that is estimated for vehicles exceeding a gross weight of 55,000 pounds to pay to the government to help pay for construction on roads. It is a significant source of transportation funding. HVUT revenue goes toward financing a broad spectrum of transportation programs including, highway infrastructure, improvements and much more.  The HVUT rate is determined by calculating the gross taxable weight. You can find your vehicles gross taxable weight by adding: 

  • The unloaded weight of the vehicle fully equipped
  • The unloaded weight of all trailers or semi-trailers fully equipped used with the vehicle
  • The weight of the max load customarily carried on the vehicle or trailers typically used 

If a vehicles gross taxable weight is below 55,000 pounds no taxes are required to be paid, but if a vehicle is between 55,000 pounds to 75,000 pounds the tax rate is $100 plus $22 per 1,000 pounds over 55,000 pounds. Any vehicle exceeding 75,000 pounds is required to pay a tax rate of $550.

Could HVUT Rates Change?

The lack of ethics with the DOT starting from the head down can cause unnecessary highway infrastructure to be conducted. With unnecessary improvement comes unnecessary payment, which could ultimately make higher HVUT rates necessary to keep up with the cost of new infrastructure. It is unlikely that this one incident can cause such a dramatic change, however, if what Shaub suggests is true, there may be more cracks in the code of ethics discovered amongst the DOT.

File Your Form 2290 Today!

Our sister product, Truck Services of North America (TSNAmerica) is now accepting over the phone filing. Filing in advance is a great way to save money and time. Avoid filing until 2020 when you choose to file with TSNAmerica. The process with TSNAmerica allows for a paper-free filing experience. Filing just got simpler! 

Benefits of Filing With ExpressTruckTax

1. Pay your taxes with a credit or debit card!
2. ExpressTruckTax is an IRS-Authorized Form 2290 provider.
3. You can get the Express Package. This package makes sure you never miss a deadline with postal, text and email reminders sent in timely manners for your benefit.






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Tuesday, May 7, 2019

Do You Need To File Form 2290?

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Do You Need To File Form 2290?
If you’re new to trucking, the numbers used for necessary forms may be a bit overwhelming. There’s the 2290s, 8849s, 4868s, 1099s, and 123s. Okay.. we might be exaggerating with the 123s, but you get the gist, it’s a lot of forms and a lot of numbers to remember. We won’t bore you and got through each form 1 by 1, but we will tell you about the two most relevant ones for this filing period.

What is Form 2290?


The form that you have probably heard the most about, as of late, is Form 2290. What is Form 2290, and how does it relate to you, if at all?!

Form 2290 is used to figure and pay the tax due on highway motor vehicles used. Your next question is probably does it even apply to you, and the answer is it might. All vehicles with a taxable gross weight of 55,000 pounds or more than travel by highway is required to file a Form 2290.

After paying taxes you will be given a Stamped Schedule 1 that serves as proof of payment from the IRS. This document is important, as it is needed in order to register your commercial vehicle.

Do You Need to File Form 8849?


There are exemptions and claim suspensions that apply to some vehicles meeting certain requirements. The requirements are as follows:

  • The vehicle used 5,000 highway miles or less during the period. 
  • The vehicle is an agricultural vehicle and used 7,500 miles or less during the period.
  • The Vehicle was stolen during the period
  • The vehicle was destroyed during the period
  • The vehicle was sold during the period 

The above list leads us to the importance of Form 8849. If any of the above is true about a vehicle you own/owned then you must first file a Form 2290, pay the correct amount of Heavy Vehicle Use Tax (HVUT) and then complete the Form 8849.

Form 2290Claims and Refunds

In order to claim credits or refunds for vehicles stolen, destroyed, sold, or only used for 5,000 miles or less and 7,500 miles or less for agricultural vehicles, the Form 8849 is required. The

 things you’ll need to file a Form 8849 are your name, address, details on the vehicle you are seeking a claim/refund for and your Employee Identification Number (EIN). Be sure to double check that the EIN you are using is consistent with what the IRS has on file.

*If an EIN is needed you are able to apply for one online with the IRS.

File With ExpressTruckTax

The great thing about ExpressTruckTax is that it makes all of your Form 2290 filing simpler. It even gives you a chance to auto-generate a Form 8849 if you are in need of one for the current filing period.




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E-file your HVUT Form 2290 with ExpressTruckTax.