Category: hvut credit

Save On Future 2290s With Our Wallet Feature

Posted on May 17, 2017 by - 2290, 2290 forms, 2290 Schedule 1, e-file 2290, expresstrucktax, Form 2290, future, HVUT Bulk Filer, hvut credit, phone file 2290, pre-file 2290, pre-file form 2290, prepaid credits, save, wallet

If you look off into the horizon you’ll see that HVUT season is approaching. Are you an owner operator who needs to file for a single truck? Or a fleet owner who needs to file for tons of trucks? Either way, those 2290’s need to be completed by the August 31st deadline and you can use the Wallet Feature from ExpressTruckTax to get major savings on your future HVUT filing needs.

The ExpressTruckTax Wallet Feature

The wallet feature allows you to purchase prepaid credits that provide a 10% discount on your future 2290 forms. Simply use the credits to pay for your form instead of using your credit cards.

In order to get credits create your free account with ExpressTruckTax and log in to access your wallet in the dashboard. It’s in the top right corner and will display how many prepaid credits you have for your future 2290 forms.

If you don’t have any credits click the orange ‘BUY’ button. Then you’ll see multiple purchasing options from a single vehicle to over 500. The credits don’t expire, so buy as many as you need for future 2290 forms.

Note: These credits provide a 10% discount on your 2290 form, not on the amount of HVUT owed.

These credits save money and they also save tons of time. Instead of having to hunt down your credit card and enter payment information every time you file a 2290 Form, you can simply click pay with credit.

How To E-file With ExpressTruckTax

First, either on your computer or with the free ExpressTruckTax app on your smartphone or tablet create your free account. You’ll register with your email address and create a personal password.

Then enter your business information and EIN or Employee Identification Number with serves as your Tax-ID. You need an EIN to file and can apply for one with the IRS.

Next, choose your tax year and your vehicle’s first used month. Then you’ll enter your vehicle’s information, including it’s VIN and taxable gross weight.

This is where you’ll verify if your vehicle was used for any special purposes like agricultural uses, or for logging.

After that, we will calculate exactly how much you owe to the IRS so you can pay your HVUT! You have several payment options available, including Direct Debit or Electronic Funds Withdrawal, EFTPS, and Check or Money Order.

Next, we will present you with a summary of your information so that you can make sure you entered everything correctly and our audit check will make sure that your form is clear of any basic errors.

Then once your payment has been entered you can safely and securely transmit your form directly to the IRS. Enter a 5-digit code of your choice to electronically sign your form before transmitting it.

Finally, the fun part! You will receive your stamped Schedule 1 almost immediately from the IRS via email! You can also have it texted or faxed anywhere you want.

But Wait, You Can Pre-File Now Over The Phone!

Call TSNAmerica right now at 803.386.0320 to go ahead and pre-file your Form 2290 to get your HVUT out of the way. The process is easy, simply call them and they will send you the necessary consent forms via email. Then they will file and transmit your Form 2290 directly to the IRS on July 1st. You’ll receive your copy of your Schedule 1 via email, as soon as the IRS stamps it.

We’re Here For You

Taxes can be confusing, that’s why we’re here to help. If you need any assistance please call one of our truck tax experts. We will be more than happy to answer your questions. We’re available Monday – Friday from 8:30 am to 5:30 PM at 704.234.6005. You can also reach us via live chat and we offer 24/7 email support at support@expressextension.com.

New EIN for Your New LLC

Posted on February 16, 2016 by - EIN change, Employer Identification Number, Form 2290, hvut credit, IRS, limited liability company, LLC, Owner Operators, small fleet owner

A few weeks ago the East Coast was blanketed in a thick layer of snow. In the middle of this snowmageddon, the IRS got behind on their e-filing. When you combine bad weather, hardware failure, and the subsequent maintenance, it’s no wonder the IRS clogged up on issuing Employer Identification Numbers!

Now we know this is just frustrating, but who ever thought the government could be behind on something? Not me, no way. Hmm, never heard of that! We know this is an inconvenience – I mean, maybe you had trouble getting your EIN and then had trouble e-filing your 2290s. Or maybe you went out of your way to turn your trucking business into a LLC, only to find out about the EIN delay.

New Business, New EIN

While nobody wants to face a lawsuit, the best thing you can do for your growing transportation business is prepare a plan for facing legal issues. Well, one potential path for owner-operators to take is becoming a Limited Liability Company (LLC). By becoming a LLC, your trucking business has the option to become a separate entity with its own Tax Identification Number and bank account, and it can’t be named in a personal lawsuit against you.

After you transition to a LLC, you may end up with a new EIN! After obtaining a new EIN, you’ll have to file a new 2290 with your new number, and use your old number to claim a HVUT credit.

Why Should You Become an LLC?

Do you have one truck? Two trucks? A red truck and a blue truck? Ah, you get what I mean. You can file to become an LLC regardless of how many trucks you have. Should you separate your business from your self, though? That’s honestly up to you, and you need to weigh the pros and cons. First up, you’ll protect your personal assets in case of a lawsuit. What’s the trade-off? How you file your taxes will change, and how you account for finances will have to change, too! Keep that in mind as you head down this road.

How Do You Know If You Need a New EIN?

Well, not every new LLC needs a new EIN. But a lot do! If you’re wondering how you know you’ll need a new number, the IRS says you will need a new EIN if any of the following statements are true:

  • You are a new LLC with more than one owner (Multi-member LLC) formed under state law.
  • You are a new LLC with one owner (Single Member LLC) formed under state law and choose to be taxed as a corporation or an S corporation.
  • You are a new LLC with one owner (Single Member LLC) formed under state law, and have an excise tax filing requirement for tax periods beginning on or after January 1, 2008, or an employment tax filing requirement for wages paid on or after January 1, 2009.

Like we said before, we can’t tell you to become an LLC. But many owner-operators take this path for the added business protections and benefits. After all, you want to protect your livelihood! Have you turned your trucking business into an LLC? Let us know on Facebook and Twitter!

After you’ve received the EIN for your new LLC, be sure to file your 2290s with ExpressTruckTax! If you have any questions, give us a call at 704.234.6005, reach us on live chat, or shoot us an email!

HVUT Credits: Selling & Purchasing Vehicles

Posted on January 20, 2016 by - 2290 credit, applying a credit, Credit Form 8849, credit vehicle, E-file HVUT, Form 8849, HVUT, hvut credit, new vehicle, purchasing, selling

We’re a few weeks into 2016, and by this point you might have grown your fleet with a used (or new to you) truck. Or maybe you’re an Owner-Operator who is replacing an old vehicle. I mean, it looks like some sleeper trucks are just getting cheaper and cheaper. While you’re excited to be on the road in the new rig, it’s vital that you have your HVUT accounted for. With ExpressTruckTax, adding a credit for sold vehicles to your 2290 is easy.

How Do HVUT Credits Work?

When a vehicle is purchased from another owner who already paid their HVUT fees, the vehicle is covered until the end of the month of purchase. From the first day of the following month, it’s up to the new owner to pay the vehicle’s HVUT from the first day of that month to the end of the tax year.

With that said, it’s important to understand that the heavy vehicle use taxes DO NOT transfer from one owner to another. You’re required to file a Form 2290 and pay taxes on any qualifying taxable vehicle. The taxes also don’t transfer from your old vehicle to your new one! So if you sold your old truck after buying a new one, it’s the same process (just with the roles reversed). It’s annoying, sure, but you still have to do it.

Basically, the seller gets credited for the taxes they paid before they sold the vehicle, and the buyer owes the difference. And if you’re a seller, there are two ways to approach the credit. You can get the credit for the tax paid on your next Form 2290 filed or the refund can be claimed through Form 8849, if you don’t want to wait until the tax period ends.

Why don’t we just see how it’s done real quick?

What Are the Tax Implications When Buying or Selling a Suspended Vehicle?

Well, suspended vehicles come with a specific set of tax implications regarding their sale. If you sell a vehicle under suspension, you need to provide the following information:

  • Your name, address, and EIN,
  • VIN Number,
  • Date of the sale,
  • Odometer reading at the beginning of the period,
  • Odometer reading at the time of sale, and
  • Buyer’s name, address, and EIN.

If everything is reported like above and the use of the vehicle exceeds the mileage use limit for the period after the purchase (including highway mileage recorded by the former owner), the new owner would be liable for the tax on the vehicle. If the former owner didn’t provide the required statement to the new owner, then the former owner would be held liable for that tax period.

With your new rig ready for the road, you can get back out there to the long haul. Don’t forget, after you pay your HVUT for this tax period, you’ll still be liable to pay for the new period that starts July 1st, 2016!

If you run into any questions about credits on ExpressTruckTax, our US-based bilingual support team is available through phone, email, and even live chat. Reach us by phone at 704.234.6005, or by email at support@expresstrucktax.com.