With a wink of an eye, the tax season will be here. And even before we knew, the pre filing season has already dropped into our calendars. With the HVUT pre filing season approached, we found out that more and more taxpayers are swinging with questions about what to do and how to even pre file in the first place. And that’s what we are here for!
We are going to talk about the 5 tips that will help you in pre filing form 2290 this renewal season 2015-16.
- Get Your EIN At The Earliest:
Since the pre filing season has already dropped in, we advice our taxpayers get their EIN at the earliest. It is the most important document of your tax filing, and takes almost 10 days of time for the IRS to activate your number, and only then, you can efile your tax return. Since pre filing has already started and would last till the end of June, make haste and get your EIN!
Only after your EIN is processed, you will know the exact business name associated with your EIN account, in order to file a tax return online with TaxExcise. However, if you have misplaced or forgotten the name associated with your EIN, you can call IRS EIN Hotline at 1.800.829.4933 to verify, and then keep it safe because it is imperative to your tax-filing success!
- Know Your Vehicles:
The next thing after EIN to obtain success with your filed tax return form 2290 for 2015-16, is to understand your vehicles. We are not talking about the weight and the first use date- even though you definitely need to know that as well- we are talking about understanding the type of vehicle.
There are four types of vehicles filed via form 2290, and it is important to understand your category to file, which would in return make a huge difference on your BANK ACCOUNT!
- Heavy Vehicles: A heavy vehicle is any other vehicle, weighing 55,000 lbs or more, that has driven over the 5,000-mile limit. For these vehicles, you file your Form 2290 as normal and pay your heavy vehicle use tax.
- Suspended Vehicles: These vehicles are any heavy vehicle or agricultural vehicle, which is driven under the mileage limit of 5,000 miles a year. For heavy vehicles, this limit is 5,000 and for agricultural vehicles, this limit is 7,500. You don’t have to file pay any tax to the IRS, however, you need to keep IRS informed about your suspension. And if your vehicle was filed as taxable vehicle and by the end of the year, it didn’t cross more than 5,000 miles, you are eligible for a refund.
- Agricultural Vehicle: When we talk about agricultural vehicles, they are any heavy vehicle used for farming or agriculture. These vehicles are limited to be driven up to 7,500 miles on public highways until they are no longer considered suspended, at which time, HVUT is due.
- Logging: Logging vehicles are those, which are used to transport forest materials within or from a foresting site or a vehicle, which moves forested materials from one site to another. With logging vehicles, companies and drivers alike are eligible to pay less tax for the tax year. So if you drive a logging truck, make sure you specify when you’re e-filing!
- Keep Accurate Records:
Besides your EIN and knowing your types of vehicles, keeping accurate records is the most important part of pre filing.
You are held responsible to maintain accurate trip logs, especially if your vehicle falls under the agricultural vehicle or as a suspended vehicle. You will need to prove to the IRS that you went under 7,500 and 5,000 miles, respectively, during the tax year. However, if you find yourself in need of some help to maintain your truck records, why don’t you try a hand with business management programs specially designed for transportation businesses?
- Rely on Our Tax Experts:
Filing your tax isn’t easy, but we can make it easy. When it comes down to it, we understand that you probably have lot of questions about how HVUT regulations. This is where the support legends come in for rescue!
At TaxExcise we have the best support team, handpicked and well trained in the industry. And they’re available all year long in order to make your tax experience that much easier. So if you find yourself juggling with unanswered questions, you can rely on our tax experts for assistance. Because we understand that tax questions never take a break, so neither should we!
- Choose Pre Filing And Don’t Forget The Coupon Code:
When you are pre filing form 2290 online with Taxexcise, a prime product of ThinkTrade, you can avail 10 % discount on our service fee by applying coupon code “KICKSTART15” at the checkout!
Continue to stay ahead of the game with TaxExcise.com! If you find yourself with questions, comments, or concerns, we’re here for you with 24/7 support in English! So give us a call during the business hours at 1-866-245-3918, or send us an email at support@taxexcise.com anytime, day or night!
Happy pre filing, Truckers!
When you have Vehicle identification number (VIN) of up to 17 characters with numbers and alphabets, mistakes tend to happen. For example, you type 5 instead of S. Let’s say that you file form 2290 and pay $550 to IRS and receive your Stamped Schedule 1 you take it to the DMV and then you realize that the Schedule 1 has the wrong VIN. What do you do?
The Only Decade Old IRS Authorized E-file service Provider for E-filing Heavy Vehicle use Tax Form 2290,