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Showing posts with label express 2290 schedule 1. Show all posts
Showing posts with label express 2290 schedule 1. Show all posts

Wednesday, April 13, 2011

The Hassle of Filing an IRS Form 2290

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IRS Form 2290 is used to collect what is referred to as the Heavy Vehicle Use Tax or HVUT. It is a fee that the IRS requires all vehicles with registered gross weights equal to or exceeding 55,000 pounds to pay annually on heavy vehicles operating on public highways.

This IRS Form contains a Schedule 1 that must be stamped by the IRS before the vehicle can be registered.  This form can be mailed to the IRS, which can take up to several weeks to process.  It could also be taken directly to the IRS office, which can take several hours of your day.  This must be accompanied by a proof of EFTPS payment.  

This form must be filed annually, for each taxable vehicle that is used on public highways during the current period.  The Current Period begins on July 1st and ends on June 30th.  A Form 2290 must also be filed once a vehicle is placed in service.  The due date for each month is the last day of the following month.  For example: if a vehicle is placed in service on October 3rd, the Form 2290 will be due on November 30th.  

Even though there are thousands, if not millions, of Heavy Vehicles that are required to file HVUT the IRS still requires everyone to either mail the Form 2290 to the IRS or actually come to the IRS office.  Fortunately there is an easier way that has recently become available.  

www.ExpressTruckTax.com allows you to fill out your IRS Form 2290 online and send it to the IRS electronically!  This way you can get a stamped schedule 1 in about 10 minutes.  Express Truck Tax is authorized by the IRS to file Form 2290.  The taxpayer will then receive the schedule 1 via email or fax as soon as the IRS processes the form.  The form will then be watermarked by the IRS instead of an actual physical stamp.
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Monday, April 4, 2011

How to be an Owner/Operator Truck Driver?

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What is It?
An owner operator truck driver is someone who owns their own truck and uses it to transfer goods as an independent contractor. Owner operators often work for several truck lines and companies. This type of situation is good if you enjoy managing your own schedule and the sense of freedom that the open road provides. It is ideal for someone to have many contacts in the trucking industry if they wish to pursue a career as an owner operator due to the difficulty of getting loads to haul.  

How to Become One?
The First thing to do, in order to become an owner operator, is to get CDL license endorsement. A CDL endorsement is added to your current driver’s license after a knowledge and skills test are passed. It is necessary to gain experience in the trucking industry as a driver before beginning business as an owner operator. The next step is actually leasing a truck. After you get a truck, you need to focus on getting work from reputable companies. Important things to remember about gaining and maintaining work is that you can build a strong reputation as an owner operator by being on time and having good communication with the employers.

What Taxes are Associated with Owner Operators?
The IRS requires all vehicles with registered gross weights equal to or exceeding 55,000 pounds to pay annually on heavy vehicles operating on public highways to file Heavy Vehicle Use Tax or HVUT. There are three different categories for HVUT rates for these vehicles. Vehicles Below 55,000 pounds have HVUT because they do not qualify as a heave vehicle. Vehicles between 55,000 and 75,000 pounds owe $100, plus $22 per 1,000 pounds over 55,000 pounds. Finally, for vehicles that are over 75,000 pounds the maximum HVUT is $550 per year.  

There are many taxes that are associated with the trucking industry. Many of them can be managed online through www.expresstrucktax.com. This serves as a one stop shop for all truck tax needs.  
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ExpressTruckTax Blog

E-file your HVUT Form 2290 with ExpressTruckTax.