IRS update – HVUT Form 2290 for 2011-2012 to be released in early October.

Heavy vehicle use tax payers, buckle up as congress has passed and the president has signed an extension of the heavy vehicle use tax through September 30^th 2012. By November 30th, 2011, taxpayers will be required to file Form 2290 for the full year on vehicles first used in July, August or September 2011. Form 2290 will be available after September 30, 2011 and it is said to be released in early October.

Meanwhile if you still haven’t filed form 2290 for the previous tax year that is 2010, you can do so at greentax2290.com. Also although IRS e file is not currently open for the period beginning July 1 2011, however you can still e-file form 2290 in advance with greentax2290.com as greentax2290.com is the first IRS certified e file provider to be authorized to file form 2290 for 2011-2012. Not only that but e-filing in advance also helps save a lot of time.

Moreover, you can get your tags for the tax period beginning July 1, 2011. Existing regulations require states to register a heavy highway vehicle when the application for registration is received between July 1 and November 30, 2011. If you have your receipted Schedule 1 for the previous year's taxable period, in this case, July 1, 2010 through June 30, 2011, states can accept it as proof of payment.

Also States can register newly acquired heavy highway use vehicles without proof of tax payment if:

• you present the original or a photocopy of a bill of sale showing that the vehicle was purchased by the owner during the 150 days before the date the state received the application for registration; and,
• The vehicle has not been registered in any state subsequent to the data of purchase. 

TIPS ON FILING INCOME TAXES AND HVUT 2290 TAXES FOR TRUCKERS

Taxes are one thing in life that is certain and impossible to escape. Even if you do manage to escape paying taxes but sooner or later, government will catch you and you might be burdened with huge penalties or more crucially get imprisoned. But, we all do understand that filing taxes is tiresome and complicated from understanding the forms to doing complex calculations and etc. And above that as a trucker, it might get even more difficult because your obligation is towards the road and less on the forms and if you dedicate your time towards worrying over your income taxes and sorting it out, your work might get hindered. Also during the whole process, confusion is bound to happen, and in that confusion you may forget some small details or records which may be essential for your filing.

In that case, it’s important that you should be prepared beforehand and hence let’s focus on few tips on your income tax filing.

1.) First and foremost, keep details of your records for the entire year. Save all receipts which you incurred as business expenses such as meals, lodging, uniforms, laundry service and union dues. Also keep written records of mileage and gas used in a logbook.

2.)  Gather all W-2s and 1099-MISC forms, expense documentation, tax forms, instructions and Internal Revenue Service Publication 17. Enter all expenses on Schedule C to figure the net profit or loss for the tax year. Use the net profit figure on Form 1040 and Schedule SE. There are many IRS approved tax preparers who can help you out on your income taxes.

3.)  Use Schedule SE to compute the self-employment tax for income reported on Form 1099-MISC. Enter half of the self-employment tax, as a deduction, on Form 1040 line 27. Enter the total self-employment tax on Form 1040 line 56.

4.) Figure the total tax on page two of Form 1040. Determine if any credits may be claimed on this return and fill out the appropriate forms to calculate credit amounts. Add all credits and taxes paid to figure the total payments. If the total payments are greater than the total tax the taxpayer is entitled to a refund. Total tax that is greater than the total payments will result in a balance due.

5.) Check over the completed return to be sure there are no errors. Sign and date the completed tax return. File the return and all attachments with the IRS no later than April 15 or the due date decided by internal revenue service.

Moreover besides income taxes, the other kind of taxes which every trucker has to pay without fail is heavy vehicle use taxes. Heavy vehicle use taxes are taxes paid on vehicles which weigh 55000 pounds and above and travel 5000 miles and above (7500 miles for agricultural vehicles). If your vehicle travels less than 5000 miles, then still you have to fileform 2290 (Form used to file heavy vehicle use taxes) but under suspended vehicle where you will get schedule1 (HVUT proof of payment) but won’t be required to pay taxes. For that you can either approach IRS or take assistance from IRS certified e file providers such as greentax2290.com who will do your filing in the easiest and most convenient manner with complete security.

Although form 2290 2011-2012 has been delayed and its filing period has been extended to Nov 1 and IRS has not started accepting 2290 forms, but we would still recommend that you file your 2290 returns in advance because this will surely help save your time and make you stress free on your taxes. Once IRS begins accepting 2290 forms, we will forward your 2290 forms and provide your proof of payment. But this will only happen in the beginning of November, so kindly wait till IRS begins accepting your returns and issuing schedule 1.

Thus, all we would like to say is if you’re a business owner, trucker, contractor, fleet owner, then taxes are something which are part of your life and there is no way you can escape them till you are earning. Hence, a good citizen would always ensure to abide by the law and pay his taxes on time, in order to keep penalties away.

US House of representatives Approves Federal Aviation Administration Transportation Extension

Washington, DC – The U.S. House of Representatives today approved an extension to continue programs for the Federal Aviation Administration (FAA) as well as for federal highway, transit and highway safety programs.

H.R. 2887, introduced in the House by Transportation Committee Chairman John L. Mica (R-FL), Transportation Committee Ranking Member Nick J. Rahall (D-WV), Aviation Subcommittee Chairman Tom Petri (R-WI), Highways and Transit Subcommittee Chairman John J. Duncan, Jr. (R-TN), and Ways and Means Committee Chairman Dave Camp (R-MI), Ways and Means Ranking Member Sander Levin (D-MI), and Rep. John Lewis (D-GA), unanimously passed the House.

“While this legislation signifies a bipartisan, bicameral agreement to move forward, it must not be just a temporary band-aid for our important aviation, highway, rail and safety programs and for job creation,” Mica said. “To build our nation’s infrastructure and put people to work, we need long-term authorizations of these programs. Unfortunately, this bill is the 22nd FAA extension and the 8th surface transportation extension. Congress has delayed passing a long-term FAA bill for over four years, and a surface transportation bill for two years. This action represents a last chance to roll up our sleeves and get transportation projects in America moving again.”

“As we saw this summer with the unfortunate two-week partial shutdown of the FAA, until the Senate finally approved the House-passed extension, we cannot afford the chaos and inefficiencies of a shutdown let alone the job impact affecting both public and private sector workers,” said Petri. “We need full reauthorization bills because our nation’s infrastructure is the backbone of our economy and we must have a first class system to support economic growth and remain competitive in the world economy. But until we negotiate the full bills, we need these extensions.”

“I am hopeful this will be our last short-term extension and a comprehensive highway bill can be passed soon,” said Duncan. “By passing a long-term reauthorization bill, Americans will be able to see their tax dollars going towards rebuilding and strengthening our Nation’s highways, bridges, and transit systems. It will create millions of jobs for hard working Americans right here in the United States, not in China or India, and will leave a lasting legacy of tangible improvements to our transportation infrastructure.”
H.R. 2887 authorizes FAA programs through January 31, 2012 at current funding levels. The current extension authorizing FAA programs expires at the end of this week.

The legislation also authorizes federal highway, transit and highway safety programs through March 31, 2012 at current funding levels. The current extension authorizing highway, transit and highway safety programs expire near September 30^th 2011.

Greentax2290.com is an IRS authorized e file provider to file tax form 2290 online. Heavy vehicle use tax filing for year 2011 will soon begin in November. Meanwhile you can file form 2290 with greentax2290.com in advance and once IRS begins accepting in November, we will transmit your returns and provide you schedule 1. This will not only save your time but also relieve you from the stress of waiting.

Senate committee clears highway bill extension

In advance to the president’s speech of the transportation jobs on Thursday, Sep 8th, the senate committee in charge of transportation approved a short term extension of the highway spending bill that authorizes congress to collect federal gas tax. This is the eighth time that Safe, Accountable, Flexible, and Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) has been extended since it last expired in 2009.

However, there seems to be a conflict between the two parties in regard to the bill. Although transportation advocates have asked for a long term bill, but the republican led house and the democratically controlled senate have provided different versions of the bill. Republican led house proposed to spend $235 billion over the next 6 years on transportation while on the other hand; Senate suggested spending $109 billion in next two years.

But on a common note, everyone wants to see the highway bill extended before it expires on September 30^th. After the partial shutdown of the Federal Aviation Administration last month over a normally routine extension and the large fight over raising the federal debt ceiling, many transportation supporters feared the gas tax would be the next standoff between Democrats and Republican in Congress. Both Democrats and republicans on the senate committee are content with Thursday’s vote.

In a statement released by his office, senator Frank Lautenberg (D-N.J.)  said “Failing to extend this law would jeopardize hundreds of thousands of construction jobs at a time when unemployment in the industry remains sky high,"

“The American people didn’t send us here to make unemployment worse and allow our roads to crumble and that’s why we must act swiftly to extend this law," he continued. "Instead of putting up roadblocks to this extension, I hope our colleagues will work with us to fix the economy, help Americans get back to work and keeps our country moving forward. Once we have passed this short-term fix, we need to complete work on a long-term bill that strengthens investment in our national transportation network to create jobs, maintain our roads and bridges, and invest in rail and transit to ease commutes.”

"What matters is passing a two-year bill," he said. "If we fail to enact an extension prior to the end of this fiscal year, thousands of highway projects will be at risk of being stopped in their tracks, which would threaten tens of thousands of jobs. We've passed seven highway extensions since the last highway bill expired in 2009. I urge my colleagues on both sides of the aisle to support this extension." 

“Congress must not fail in swiftly delivering this measure to the President before the program expires on September 30, 2011," he said. "Failure by Congress to act would ultimately impact transportation safety, mobility, and emergency response operations, would threaten our national economic competitiveness, as well as jeopardize thousands of jobs across the country."

"Beyond the short-term extension, both parties must also continue to work towards a long overdue multi-year highway and transit bill in the same spirit of cooperation," he said.  "We expect the President to encourage this important next step in his address to Congress tonight.

"The time is now for Congress and the White House to take bipartisan action and deliver on a transportation bill that makes America stronger and keeps the economy, and the American people, moving into the future,” he continued. 

Although the fate of heavy vehicle use tax is still undecided, but we can definitely say that an extension of the bill is an encouraging step in transportation industry and we will see more positive changes in near future. Greentax2290.com will keep you all updated on the news and updates relating to the transportation industry and heavy vehicle use tax. Meanwhile if you haven’t got your form 2290 filed for previous year, you can do so with greentax2290.com and for current year 2011, although form 2290 electronic filing has not yet begun, but you can still file 2290 online in advance with us and once IRS begins accepting IRS form 2290 returns, we will transmit your returns and provide 2290 schedule 1 in minutes. 

Essential filing requirements for heavy vehicle use tax (form 2290)

Any business that is into trucking industry or an individual owning a truck or fleet of trucks weighing 55000 pounds and above has to mandatorily file heavy vehicle use tax using form 2290 with internal revenue service. One such IRS e file service provider who can do your form 2290 filing in a quick, convenient and secure manner is greentax2290.com

Now let’s take a look at some of the requirements which are obligatory to file heavy vehicle use tax:

Employer Identification number (EIN) – An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. EIN is corporate equivalent to social security number and is applicable in United States.  If you are eligible to pay heavy vehicle use taxes and you don’t have an employer identification number, in that case you can apply for one online.

Vehicle Identification number (VIN) - A Vehicle Identification Number, commonly abbreviated to VIN, is a unique 17 digit serial number used by the automotive industry to identify individual motor vehicles. In order to electronically file heavy vehicle use taxes, you need to have individual VINs of the vehicles you plan to file HVUT taxes for.

Taxable gross weight- The taxable gross weight of a vehicle is the total of:

·         The actual unloaded weight of the vehicle fully equipped for service,

·         The actual unloaded weight of any trailers or semitrailers fully equipped for service customarily used in combination with the vehicle, and

·         The weight of the maximum load customarily carried on the vehicle and on any trailers or semitrailers customarily used in combination with the vehicle.

The main determinant of the amount of taxes to be paid for the use of heavy vehicle on highways is the total gross weight of your vehicle. Hence, make sure that you mention the correct weight of your vehicle or you might end up paying less tax which might result in penalties or pay more taxes which would be a detriment to you.

Further ahead, it is also necessary that you should be aware of the mileage that you have travelled. This is because, although your vehicle weighs 55000lbs and above, but if your heavy vehicle has travelled less than 5000 miles (7500 miles for agricultural vehicles) then it would be considered as suspended vehicle and although you would have to file form 2290 but because your vehicle is suspended, hence you won’t be required to pay taxes. Imagine if you fine for 2290 form and also pay your taxes but later realize that your vehicle is indeed a suspended vehicle. Then wouldn’t you suffer loss?

Thus as an advice before filing form 2290 for 2011 or any previous year, always make sure you have the correct and up to date information in hand and if ever you make any mistake in your filing maybe you paid taxes despite your vehicle being suspended or entered the wrong Vin number, etc then greentax2290.com is always there to bring you out of such situations and if there is any refund that you are eligible for then greentax2290.com will also guide you with that.

 This is a copyrighted© article written by Diva who is associates with http://www.greentax2290.com/. No permission is granted for commercial use. You may reproduce this article with written consent from the TRS Holdings, Inc, parent company of greentax2290.com by emailing to wecare@greentax2290.com or by calling at 800-578-2290

Top 10 reasons why people should consider trucking as a career

Becoming a trucker is indeed not a very tough job. Although not everyone can qualify to become a successful trucker but once you do, it is one of the careers one can successfully look forward to.  But what are the qualifications required to become a successful trucker?  Let’s take a look at few criteria’s mandatory for any trucker to have before he decides on taking trucking as a career.

1.       You need to speak, read and understand English

2.       You have to be 18 to drive in state and 21 to driver across state lines

3.       You must have the physical ability required to operate safely (will need to pass a DOT)

4.      You will need to have 20/40 vision. It could be with or without glasses

5.      You must have normal peripheral vision- You must not be color blind.

6.      To become a trucker you must get your CDL license (also called class A's) from an accredited truck driving school.

Movie ahead, many people consider trucking to be just a career path, however in reality that is not so. Trucking is not just something you do for a living but it is a lifestyle which not only you but even your family has to adapt to. If you do consider being a trucker, then there is nothing better than that because trucking is a very rewarding career with lot of growth potential and stepping stones. From being a trucker driver, you can go on to be a fleet owner, owner operator or you can even start your own multi fleet company. In short, trucking can provide you financial freedom is short span of time if you direct your aims and goals in the correct direction. Trucking brings along many other advantages as well which have been mentioned as below:

ü  Get Paid To Exercise

ü  Get Paid to Travel

ü  Get Away From Your Home Environment

ü  Quiet Time to Reflect on Your Life

ü  Strong Job Security

ü  Flexibility of Employment

ü  you will make decent money as a truck driver

ü  Freedom At Work

ü  You can earn while you learn

ü  Create Wealth Using Trucking as a Tool.

Although trucking is a strenuous and physically and emotionally draining job but if you have a love for it, then even the disadvantages of the job seem very minute. Moreover, there is one thing as a trucker you should always keep in mind and that is to pay heavy vehicle use taxes on time always.

Heavy vehicle use taxes apply to those who are in the trucking industry owning and driving trucks on highways of weigh 55000 lbs and above. It is mandatory for every truck owner to pay those taxes because it is through these collections that government can work towards maintaining proper and healthy roads and highways. Heavy vehicle use tax payment can be done using form 2290. Filing form 2290 can be quite a tedious job but if you use the correct service provider, then filing form 2290 can be the easiest thing you have ever done. Greentax2290.com is an IRS certified e file provider who makes it simple, convenient and very easy for you to e file form 2290.

This is a copyrighted© article written by Diva who is associates with http://www.greentax2290.com/. No permission is granted for commercial use. You may reproduce this article with written consent from the TRS Holdings, Inc, parent company of greentax2290.com by emailing to wecare@greentax2290.com or by calling at 800-578-2290

Canada Working to Address Emissions from Heavy-Duty Vehicles

Canada's Environment Minister released a consultation paper on the development of proposed regulations to limit greenhouse gas emissions from new on-road heavy-duty vehicles.

Canada and the United States are taking a common North American approach, and Canada intends to implement regulations with the 2014 model year in alignment with the United States. This week, the Environmental Protection Agency and the National Highway Traffic Safety Administration unveiled the first-ever fuel economy standards for medium- and heavy-duty vehicles.

"We are moving forward with our sector by sector approach to reduce greenhouse gas emissions in coordination with the United States," said Peter Kent, Canada's Environment Minister. "Building on our successful collaboration with the United States on the development of common North American standards for light-duty vehicles, we are also working together to do the same for heavy-duty vehicles."

This consultation paper is intended to provide another opportunity for interested parties to submit early comments prior to publishing proposed regulations. Proposed regulations are targeted for publication early in 2012 for a 60-day comment period.

The proposed regulations would seek to reduce emissions and improve the fuel efficiency of the whole range of new on-road heavy-duty vehicles, from full-size pick-up trucks to tractor-trailers, and include a wide variety of vocational vehicles such as freight, delivery, service, cement, garbage and dump trucks, as well as buses. The proposed regulations would also seek to promote the implementation of advanced technology vehicles such as hybrid and electric vehicles.

Reducing emissions in the transportation sector is a key component in the Government's plan to reduce total greenhouse gas emissions by 17% from 2005 levels by 2020.

In addition to the proposed heavy-duty regulations, the Canadian government has also finalized regulations to reduce greenhouse gas emissions from passenger vehicles and mandated a requirement for an average of 5% renewable content in gasoline, and 2% content for diesel and heating oil.

Greentax2290.com, an IRS certified e file provider to file heavy vehicle use tax form 2290 will keep you updated on the latest news and updates from the trucking industry. Meanwhile if you are a trucker/fleet owner/contractor/individual looking to e file form 2290 for 2011 or previous tax years, then greentax2290.com is the best place to be. Visit greentax2290.com to know more about its special features, lowest pricing, free services and more. 

 

 

 

Heavy vehicle use tax (HVUT) requirements for IRP registration

Before registering your heavy vehicles at 55000 pounds gross weight or higher, the U.S. Internal Revenue Service requires all states to verify proof of payment or exemption from the Federal Heavy Vehicle Use Tax.  For Michigan-based vehicles, this verification is required for all vehicles registered at 60,000 pounds GVW or above. 

Moreover, heavy vehicle use tax can be due on old or newly purchased vehicles. In case you have purchased a new vehicle or a use one, it is your responsibility to contact IRS for further information on any amount due on heavy vehicle use tax. To register or renew your vehicle with Michigan IRP, proof of payment or exemption from Heavy Vehicle Use Tax must be submitted.  The proof can be of the following types:

       1.   A copy of your validated IRS Form 2290 Schedule 1 returned
            to you by the IRS (photocopies are acceptable), or

       2.   A copy of your validated IRS Form 2290 Schedule 1 printed
             from the IRS website.  Valid copies show an electronic
             watermark.

       Note:   Electronic Payment receipts from the EFTPS website or
      canceled checks from the IRS cannot be used as proof of
      HVUT payment.

Valid dates for proof of payment or exemption

The IRS Heavy Vehicle Use Tax period runs from July 1 to June 30 each year.  Although the new tax period begins July 1, however IRS has announced that the new form 2290 for the current year 2011-2012 will be delayed and not be issued until November 2011. Therefore, owners subject to HVUT will need to show their 2290 form from last year's tax period (July 1, 2010 through June 30, 2011) during July, August, September, October, and November.

Please make a note that Your IRP application will not be processed without the required proof of payment or exemption from the Heavy Vehicle Use Tax.

Moreover, if you still haven’t got proof of payment (schedule 1) for last year or want to e-file your form 2290 with IRS in advance for year 2011-2012, then in that case, greentax2290.com is there to assist you or even efile your 2290 form. Greentax2290.com is an IRs certified e file provider to file your tax form 2290 online for current year as well as all previous years. Yes, we understand that IRS is not accepting form 2290 or any payments due till November but filing form 2290 in advance will not only save your time but also leave you carefree as greentax2290.com will ensure that you receive your proof of payment for 2011-2012 as soon as IRS begins accepting 2290 forms and payments.

 

What to do if you receive suspicious mails claiming to be from IRS.

Phishing scams are terrifying especially when they are claimed to be from internal revenue service (IRS). When we receive an e-mail from IRS, we open it, thinking that there is some important notification for us, oblivious that the mail could be some scam to steal our identity and even worse money. Although scamming has become common part of cyber world but for our own safety, it is vital to be aware of what to expect as we fish through our mails.

IRS updated its periodic alerts warning taxpayers about scams that deceptively use internal revenue services’ name, logo, or website. Though identity-theft scams may take place through e-mail, fax or phone, the recent IRS alert focuses on known e-mail schemes. “The IRS does not send unsolicited e-mail to taxpayers either about their tax accounts or requesting sensitive personal and financial information,” the agency said. They warned recipients not to open attachments or click on any link in e-mails that appear to be from the IRS.

According to the IRS, IRS-impersonators often e-mail taxpayers to ask for, “certain personal and financial information to process a tax return, tax payment or refund.” They may also claim that you are being audited. The purpose of such e-mails is to obtain enough information such as a name, social security number, and bank account or credit card number in order to steal your identity.

Few of the e-mail scams to look out for, as reported by the IRS are:

• Targeting Tax Professionals - An e-mail claims to come from the IRS Tax Forums requesting that recipients register for an event for tax professionals by using an attached registration form. In reality, the IRS does not send registration forms by e-mail but makes them available instead on the Nationwide Tax Forums Website.
  
  
• Inherited Funds / Lottery Winnings / Cash Consignment-An e-mail claims to come from the U.S. Department of the Treasury notifying the recipient that they will receive millions of dollars in recovered funds, lottery winnings or cash consignment if they provide certain personal information, including phone numbers, via return e-mail. The victim is later contacted by telephone or further e-mail and instructed to deposit taxes on the funds before they can receive any of it, or they may be sent a phony check of the funds or winnings and told to deposit it but pay ten percent in taxes or fees.
  
  
• Refund Scam - A tax refund form is e-mailed, supposedly from the Taxpayer Advocate Service (a genuine and independent organization within the IRS which assists taxpayers with unresolved problems), telling recipients that they are eligible for a tax refund of a specific amount. The form asks for name, address and phone number and a substantial amount of financial information, such as bank account number, credit card number and expiration date, ATM PIN number and more. It also asks for your mother's maiden name (frequently used by many people as an account security password). At the bottom is a phony name and signature, claiming to be that of the Taxpayer Advocate. The implication is that the taxpayer must fill in and submit the form to receive a tax refund. In reality, taxpayers claim their tax refunds through the filing of an annual tax return, not a separate application form.

What to do in case you suspect a scam mail from IRS imposters
The IRS does not initiate taxpayer contact via unsolicited e-mail or ask for personal identifying or financial information via e-mail. If you receive a suspicious e-mail claiming to come from the IRS, take the following steps:

• Do not open any attachments to the e-mail, in case they contain malicious code that will infect your computer.
• Do not click on any links, for the same reason. Also, be aware that the links often connect to a phony IRS Web site that appears authentic and then prompts the victim for personal identifiers, bank or credit card account numbers or PINs. The phony Web sites appear legitimate because the appearance and much of the content are directly copied from an actual page on the IRS Web site and then modified by the scammers for their own purposes.
• Contact the IRS at 1-800-829-1040 to determine whether the IRS is trying to contact you.

Forward the suspicious e-mail or url address to the IRS mailbox phishing@irs.gov, then delete the e-mail from your inbox. In this way you are not only protecting yourself but also preventing others from being victimized from malicious mails as well.

The information has been provided by greentax2290.com, an IRS certified e file provider to e file form 2290 online. The information is provided to help prevent tax payers from falling prey to unwanted and malicious mails. For further information you can read the IRS document at http://www.irs.gov/newsroom/article/0,,id=211669,00.html