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Common Errors and Resource Center, Form 2290 Amendment, IRS Tax Tips and Alerts, Tax 2290 Discounts, Truckers Alerts and Needs

5 Tips You Will Thank Us For During Pre Filing Season 2015-16

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.

  1. 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!

  1. 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!
  1. 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?

  1. 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!

  1. 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!

Due Dates, Federal Excise Tax Electronic Filing, Form 2290 Efile, IRS Stamped Schedule 1 proof, IRS Tax Tips and Alerts, Tax Excise Users Alert

Best Way To Pay Excise Tax – EFTPS

When it comes to paying taxes, the best way is that which makes mutual convenience the pivot of the whole process. Computers and the internet have travelled a long way in comforting us, yet, are tirelessly moving forward each day. One of their prime destinations of comfort for U.S. taxpayers is the EFTPS (The Electronic Federal Tax Payment System). Powered for free usage by the U.S. Department of Treasury in the year 1996, EFTPS houses over 12 million taxpayers and has handled over 1.16 billion electronic payments. Having said that it is a government website, you are free to enroll eyes closed. It is like the trust you learnt from your parents. You don’t have to worry about getting caught in phishing scams and being fooled by other internet villains. So what features benefit taxpayers from inside EFTPS?

Assured Safety

You can make your federal tax payments electronically using EFTPS, only on 128-bit encryption version of browsers. A combination of unique information such as Taxpayer Identification Number (EIN or SSN), EFTPS Personal Identification Number (PIN) and an Internet Password authenticates a user as an enrolled user. This allows him/her to access the payment route inside EFTPS and adds to the security of the site and the privacy of taxpayer data. Have you experienced safety of similar standards over a web application recently? It must have been on tax2290, in case you are a trucker who just filed you form 2290!

Absolute Convenience

Taxpayers can initiate tax payments from wherever they are, at whatever time they want to, 24/7. EFTPS is available on the internet as well as over phone leaving the mode selection at the convenience of the user. Apart from this, tax payments can be scheduled in advance and one can check up to 16 months of payment history online or by calling their customer service. Ask what absolute convenience actually is from truck owners who made their tax filings through us!

Abiding Accuracy

EFTPS does what you say, accurately on time. When you instruct the application to deduct funds from your account, it does so on the specified date and sends an acknowledgement immediately to you followed by your bank statement confirmation of the payment made. Accuracy is a closely related term to the tax calculations made at taxexcise, for taxpayers!

Prior to paying taxes, filing your returns is important. Again, enjoy such and even more convenient features of computers and the internet to file heavy vehicle use tax return, its corresponding amendments at tax2290 and claim credits that you are eligible for at tax8849! For assistance, reach out to us at 866-245 3918 or support@taxexcise.com.

Due Dates, Form 2290 Efile, IRS Stamped Schedule 1 proof

Make Sure You File Your Tax Form 2290 (HVUT) On Time!

File Form 2290 online

Punctuality is a very important word in a Truckers Dictionary. Once I heard a 15 years experienced Truck Driver say “I’m a little trucker and trucking’ is what I do best. It’s what I want to do with my life, and that’s how I’ll be. Driving down the highway, carrying what someone will eat or need tomorrow makes the hair on the back of my neck stand up.”

I would say “IF YOU BOUGHT IT, A TRUCKER BROUGHT IT”. There is always trouble waiting if there is a delay, be it anything.  Everyone in trucking business is well disciplined and has to follow a strict schedule.

A Perfect Truckers duty is not only transporting goods from one place to another, it also involves a lot of other Social and Economic responsibilities such as paying their taxes on time. Heavy vehicle Use Tax (HVUT) is one of the Taxes imposed by the IRS on usage of Heavy vehicles with a gross weight of 55,000 pounds and above on public Highways.

Though paying taxes is never a joyful experience. Considering the fact that the funds collected from HVUT is used in maintenance of Highways. So if we enjoy something, then we shouldn’t mind paying for it. Few years back the only way to file your Tax Form 2290 was by paper. One should either walk into a local IRS office or has to mail a completed tax form 2290 to the IRS. Both the options are time consuming and involve a lot of complicated tax calculations more over you have to wait in a long queue and a waste a day of yours or wait for week’s sometime even months to get an approved stamped Schedule 1 copy back from the IRS.

Tax2290.com bought in a huge revolution in the filing process of Tax Form 2290; It developed a web based application to E-file Tax Form 2290. Tax2290.com is the First Certified Efile Service Provider. It takes only minutes to Efile your Tax form 2290 with Tax2290.com and Stamped Schedule one copy will be emailed back in few minutes.

Tax2290.com is now accepting returns for Tax Year 2012 – 2013. Log on to Tax2290.com and complete your filing of HUVT. Their Tax Experts are working even on Weekends to assist you all the way through your filing, they can be reached @ 1-866-245-3918 or you can write to them @ support@taxexcise.com.

Due Dates, Federal Excise Tax Electronic Filing, Form 720 Quarterly Excise Tax Efile

Excise Tax reporting with IRS…

Excise Tax:

Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. Excise Tax has several general excise tax programs. One of the major components of the excise program is motor fuel.

Reporting an Excise Tax with IRS is made simple and easy at www.TaxExcise.com . TaxExcise.com is the only website offering efile for all Excise Tax forms like, Form 2290, Form 8849 & Form 720.

Indoor Tanning Service Providers Must File a Federal Excise Tax Return

Beginning July 1, 2010, indoor tanning services will be subject to a 10 percent excise tax under the Affordable Care Act. Read more about Filing Indoor Tanning, Excise Tax return.

Leaking Underground Storage Tank (LUST) Tax Refunds

Taxpayers eligible for the LUST excise tax refund may use Form 8849, Claim for Refund of Excise Taxes, to file a claim.

Excise Summary Terminal Activity Reporting System (ExSTARS)

ExSTARS is a fuel reporting system developed with the cooperation of the IRS, Department of Transportation, states, and motor fuel industry, which details the movement of any product into or out of an IRS approved terminal. A facility control number (FCN) designates a storage location within the motor fuel, or renewable fuel production or the bulk transfer / terminal system. Information regarding the use of FCNs was made public by an announcement in the Federal Register on April 12, 2010. Read more at ExSTARS

Excise Tax Electronic Data Interchange (EDI) Guides (Pub. 3536)

Terminal Operators and Bulk Carriers refer to Publication 3536 for EDI filing requirements.

637 Registration Program

Under the Code and regulations, each person that engages in certain specified activities relating to excise tax must be registered by the IRS before engaging in that activity.

Excise Tax Online Exchange (ExTOLE)

The IRS administers a data repository for states to exchange motor fuel tax related information. 100 percent of the ExTOLE data originates from a particular state, and is available to other states under disclosure agreements between states. Read more at ExTOLE

Online Form 637 Registration Status Check

This Web application provides the ability for businesses to confirm whether individuals/companies have a valid IRS registration. To check your registration number, click here

Exemption From Excise Tax for Certain Wooden Arrows

On Friday, October 3, 2008, P.L. 110-343 (H.R. 1424), the Emergency Economic Stabilization Act of 2008 (Act), also known as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008, was signed into law by the President. The Act includes a key provision in Title V, Section 503 that impacts the Archery federal excise tax.

Field Directive Federal Excise Tax on the Importation and Manufacture of Fishing and Archery Products

This updates the field directive that discusses the Federal Excise Tax on the importation and manufacture of fishing and archery products.

Idling Reduction Devices Exempt from 12% Retail Excise Tax

The Environmental Protection Agency’s (EPA) list of devices that reduce highway tractor idling is now available. These devices may be exempt from the 12 percent retail excise tax provided they meet the criteria set forth in section 4053(9) of the Internal Revenue Code.

References/Related Topics

•             Excise Tax Forms and Publications

•             Electronic Excise Tax Returns Are Here – Formerly Known as “ETEC” (Excise Tax e-File & Compliance) Form 2290 & 720 Join The Ranks of e-file!

•             Federal Excise Tax – Rural Airports (PDF)

•             IRS Issues Guidance on Truck Sale Excise Tax

•             Telephone Excise Tax Refund

Refer to IRS.gov website for more information.

Due Dates, Federal Excise Tax Electronic Filing, Form 2290 Efile, Form 720 Quarterly Excise Tax Efile, IRS Tax Tips and Alerts

Excise Summary Terminal Activity Reporting System (ExSTARS)

Excise Summary Terminal Activity Reporting System (ExSTARS)

What is ExSTARS?

ExSTARS is a fuel reporting system developed with the cooperation of the IRS, Department of Transportation, States, and Motor Fuel Industry, which details the movement of any liquid product into or out of an IRS approved terminal.

The ExSTARS system requires each terminal operator and bulk carrier to file monthly reports. Reports are filed for each approved terminal with a Terminal Control Number. The Terminal Control Number (TCN)/Terminal Locations Directory contains terminal control numbers and locations for IRS approved terminals.

Who is required to use ExSTARS?

Terminal Operators and Bulk Fuel Carriers (pipeline, vessel and barge operators) are required to file monthly information returns – Fuel Transaction Reports. All receipts and disbursements of liquid products to and from an approved terminal are reportable. If reportable transactions equal or exceed 25 during a monthly reporting period, electronic reporting through ExSTARS is required. Each receipt of liquid product and each disbursement of liquid product constitutes a separate transaction even if it is a single movement of fuel.

Form 720-TO Terminal Operator Report. Form 720-TO is required to be filed by a terminal operator to report monthly receipts and disbursements of all liquid products to and from all approved terminals.

Form 720-CS Carrier Summary Report. Form 720-CS is required to be filed by bulk transport carriers (barges, ships, and pipelines) who receive or deliver products in or out of storage at a terminal, or any other location designated by a facility control number (FCN).  Pipelines only file for receipt or delivery transactions at an approved terminal.

Facility Control Number System (FCN)

A facility control number designates a storage location within the motor fuel, or renewable fuel production or the bulk transfer / terminal system. Facilities include refineries (RCN), approved terminals (TCN), biodiesel production facilities (BCN), or ethanol production facilities (ECN). Currently, only TCNs are required to file returns.  Information in the RCN directory is required for reporting purposes for carriers. The BCN and ECN numbers will be released at a later date. Information regarding the use of FCNs was made public by an announcement in the Federal Register on April 12, 2010.

When to file?

The report is due the last day of the month following the reporting period. If any due date for filing a return falls on a Saturday, Sunday, or legal holiday, the report maybe filed on the next business day.

How to file?

• Apply to participate in electronic filing using letter(s) of application. Fill-in letters of application are available for Terminal Operator/Carriers and Transmitters.

• Electronic Filing (Electronic Data Interchange) over the Internet

• A test cycle will be used to test the exchange of files between the electronic filer and the IRS prior to submitting production files. These tests will ensure the successful submission of qualifying electronic Form720-TO, and Form 720-CS information returns.

• Paper submission of Form 720-TO and/or 720-CS

Why is filing required?

•  Implementation of Treasury Regulation 48.4101-2 requiring “taxable fuel registrants” to provide information reports.

• Match Information Returns against Excise Tax Returns.

The new electronic format will be available for testing beginning in early December 2010.

Please see a  summary of these changes for further details.

References/Related Topics

Source: IRS.gov read more.