Category: IFTA tax

Are You Caught Up With Your Truck Taxes?

Posted on October 29, 2019 by - 2290 tax, 2290 tax form, 941 Form 2019, 941 taxes, express truck tax, expresstrucktax, Form 2290, form 941, IFTA, ifta fuel tax, IFTA tax, IRS 941, IRS form 2290, IRS Form 941, truck taxes

Being a trucker isn’t easy. It seems like everyone on the road thinks you’re in their way, and yet the demand for delivered goods just keeps increasing.

On top of that, you have some serious bookkeeping to maintain.

Luckily for you, there are online software solutions like ExpressTruckTax to help take the paperwork off your plate.

Here are some yearly and quarterly truck taxes you need to be aware of in order to avoid penalties and interest.
Watch out for these truck taxes:

IFTA Fuel Tax

The IFTA fuel tax is a quarterly tax used to collect and distribute fuel tax revenue between jurisdictions.

IFTA simplifies truck taxes by allowing you to travel in all participating member jurisdictions with a single fuel tax license.

You’ll need to file report your IFTA tax to your base jurisdiction 4 times a year.

Here are the IFTA fuel tax deadlines you need to be aware of:

Quarter
Period
Due Date
1st
January – March
April 30
2nd
April – June
July 31
3rd
July – September
October 31
4th
October – December
January 31
Notice that the 3rd quarter IFTA deadline is approaching soon on Halloween!
Use ExpressIFTA, an online IFTA reporting software, to track all of your fuel records and generate your quarterly IFTA fuel tax reports online.

IRS Form 2290

Form 2290 is due annually, so you only need to worry about it once a year.

It’s coupled with the Heavy Use Vehicle Tax, which is the 2290 tax amount you must pay in addition to filing Form 2290.

Hopefully, this one doesn’t need to even be on your radar for months. It was due September 3, 2019. (Normally, Form 2290 is due August 31, but that date fell on a weekend).

If, however, your Form 2290 was rejected, or if you still have not filed IRS Form 2290 for 2019-20, you’ll need to do so right away. IRS penalties and interest for this tax are not forgiving, and they only increase with time.

Online filing takes less than 10 minutes, so there’s really no reason to endure hefty penalties.

Trucking down the highway, up to date on truck taxs like IFTA fuel tax and Form 941.

If you put off filing your 2290 tax form due to your inability to afford the 2290 tax, it’s important to note that the penalty for filing your Form 2290 but failing to pay your 2290 tax is substantially lower than failing to file and pay.

In addition to avoiding penalties, it is necessary to file your 2290 tax form each year in order to receive your stamped Schedule 1, which is required for operation.

Use ExpressTruckTax, the industry’s leading IRS-authorized e-file provider, to file IRS Form 2290 in minutes from anywhere on your phone, tablet, or computer. Never even set foot in an IRS office during one of the busiest truck tax seasons.

941 Taxes

Form 941 is relevant if you own and operate a trucking business with employees, as it is used to report employment taxes and calculate the employer’s portion of Social Security and Medicare tax.941 taxes are quarterly, meaning they’re due 4 times a year:

Quarter
Period
Due Date
1st
January – March
April 30
2nd
April – June
July 31
3rd
July – September
October 31
4th
October – December
January 31

As you can see, the 3rd quarter 941 Form 2019 deadline is coming up. Make sure you know whether or not you need to file 941 taxes. Unsure if you need to file? Read more here.

If you do need to file IRS Form 941, you’ll want to check out TaxBandits. Forget the paperwork, simply file 941 taxes online in a few minutes. Plus their interview style e-filing process and automatic error checks ensure success.

Keep up with your truck taxes! You don’t need to be spending unnecessary money on penalties and fees. Check out ExpressTruckTax, ExpressIFTA, and TaxBandits today. You’ll be glad you did.

Things You Need To Know: HVUT, Highway Tax 2290, and IFTA Tax

Posted on August 15, 2019 by - 2290 highway use tax, express truck tax, expresstrucktax, Form 2290, Heavy highway use tax, highway tax 2290, HVUT, Hvut 2290, IFTA, ifta fuel tax, IFTA reporting, IFTA tax, irs 2290, IRS form 2290

With every deadline comes more confusion.

You might think, “What are all these forms and payments, and why am I constantly dealing with them?”

Understanding HVUT, highway tax 2290, and IFTA tax will prepare you to file quickly each year and keep you from making filing mistakes.

Knowing the differences will also give you an idea of if you need to file, and when to file.

HVUT

HVUT, or Heavy Vehicle Use Tax, is a tax on heavy vehicles used to fund highway maintenance.

You must pay Heavy Highway Use Tax if your truck has a gross weight of 55,000 pounds or more and is driven on public highways over 5,000 miles per year. Gross weight is weight when fully equipped for service.
Heavy Highway Use Tax is an annual tax. The HVUT deadline is the same as the 2290 highway use tax form deadline. HVUT is also known as HVUT 2290 because of its connection with Form 2290, which we’ll talk about next.

Highway Tax 2290

Highway Tax 2290, or simply Form 2290, is the form used to pay your HVUT amount.

Form 2290 is also used to calculate the Heavy Highway Use Tax amount you owe, determine your truck’s category, claim an exemption or credit, and more.

Highway Tax 2290 proves why the HVUT 2290 amount you’re paying is what you’re paying.
You need an EIN to file 2290 Highway Use Tax Form. The deadline is the same as the HVUT 2290 deadline. File Highway Tax 2290 Form and pay HVUT 2290 by the end of the month after your first use month.

IFTA Tax

The IFTA tax is not related to HVUT 2290 and Highway Tax 2290 Form. IFTA, or International Fuel Tax Agreement, ensures that each state/province is paid the correct IFTA fuel tax.

IFTA fuel tax becomes important when vehicles travel frequently across state borders. If trucks fill up in one state and immediately cross to the next, the state they’re driving in is losing out.

With IFTA reporting, truckers track miles in each state.

You need to pay IFTA fuel tax quarterly if your vehicle has 2 axles and a gross vehicle weight or registered gross weight > 26,000 pounds, has a combined weight of 26,000 pounds or has 3 or more axles regardless of weight.

Here are the deadlines:
 
Quarter Periods
IFTA Quarterly Tax Return Period
Due Dates
1st Quarter
January – March
April 30 
2nd Quarter
April – June
July 31
3rd Quarter
July – September
October 31
4th Quarter
October – December
January 31

How To Keep Up With Truck Taxes

The best way to pay these taxes is online. Cutting out paperwork saves time, and filing online allows you to keep a record of your previous filings.

Using a service that offers all of these forms in the same place is ideal.

With ExpressTruckTax, you can do it all. IFTA reporting, highway tax 2290, and HVUT are all in one place for your convenience.

Save time with bulk upload, free VIN corrections, multi-user access, and more features.
Plus, our mobile app allows you to file whenever and wherever. Filing taxes has never been easier.
Don’t forget! Your HVUT 2290 deadline is approaching!
Your IRS Form 2290 and HVUT payment are due September 3rd, 2019.File Form 2290 today to avoid IRS penalties.

Yikes, I Missed The IFTA Filing Deadline. Now What?

Posted on August 1, 2019 by - express truck tax, expresstrucktax, free IFTA calculator, Fuel Tax, IFTA, IFTA due date, IFTA filing, IFTA filing deadline, ifta fuel tax, IFTA reporting, IFTA tax, IFTA Tax Calculator

By now you’ve probably realized that the 2nd quarter IFTA filing deadline was yesterday, July 31st.

Crap.

Let’s be honest, who even knew there were 31 days in July anyway?

Don’t sweat it – missing the IFTA due date happens every IFTA filing quarter to tons of people.

Here’s what to do if you missed the 2nd quarter IFTA filing deadline.

Yikes, I Missed The IFTA Filing Deadline. Now What?

Understand The Penalties

The penalty for missing the IFTA filing deadline is $50 or 10% of your total tax, whichever is higher.

On top of that, you’ll be charged .4167% interest on your total tax monthly until the fuel tax is paid.

In addition, and here’s the real kicker, your base jurisdiction reserves the right to revoke your IFTA license.

Sounds terrible right? Well here’s the good news.

Avoid Those Penalties

You don’t need to go through all of that.

The penalties worsen the longer you wait to file your IFTA tax. Since the IFTA due date was yesterday, if you file your IFTA fuel tax today, the only fee you’ll pay is $50 or 10% of your tax.

Plus, in some cases, if you file immediately after the deadline, you can get your IFTA filing in before anyone even realizes it’s late and potentially avoid the basic fee.

Also, first-time IFTA due date offenders will probably not have their license revoked, especially if they can rectify the situation quickly.

Here’s a summary of what I’m saying – You need to file now!

You’ve realized your mistake and you have taxes on your mind, so what are you waiting for?

Knock out your IFTA fuel tax now before this gets out of hand.

File Your IFTA Fuel Tax Fast

You need a quick IFTA reporting solution, but don’t worry, we have a suggestion!

ExpressTruckTax has everything you could possibly need to file your IFTA fuel tax.

We’ll generate your IFTA report and take care of all the calculations for you, including total miles, gallons, miles per gallon, and IFTA tax amount.

We have all the tools you need to simplify the process, including bulk upload and a free IFTA tax calculator!

IFTA reporting doesn’t get any simpler.

Missing the IFTA due date happens, but excessive penalties don’t have to.

This Awesome Free IFTA Calculator is a Lifesaver

Posted on July 23, 2019 by - expresstrucktax, free fuel tax calculator, free IFTA calculator, free online ifta calculator, IFTA, IFTA calculator, IFTA filing, IFTA tax, IFTA Tax Return

Okay, don’t freak out. I’m just going to say it:

Your 2nd Quarter IFTA tax return is due in a week: July 31st

The good news is that you still have time to file!

That is… you have time if you take advantage of online services and tools for IFTA filing.

One of the most important time-saving online tools is the free IFTA calculator offered by ExpressTruckTax.

All you need to do is download the free IFTA calculator to your smartphone or tablet and your IFTA tax amount will be calculated for you!


This Awesome Free IFTA Calculator is a Lifesaver

How To Use Our Free Fuel Tax Calculator

Using the free IFTA calculator is incredibly simple. Just follow these 3 steps:

Once you’ve entered this information, the free fuel tax calculator will do the rest.

Our free IFTA calculator will display your total miles, gallons, miles per gallon, and, most importantly, the amount of IFTA tax you owe.

From there, you can email this IFTA tax report generated by your free online IFTA calculator to yourself or any other recipient simply by entering email addresses and selecting “send”.

IFTA Filing Made Simple

Filing your IFTA tax return takes more than a great IFTA calculator, though. That’s why ExpressTruckTax offers a full-service solution.

With innovative features, easy-to-use software, and interview-style questions, you’ll be done with your IFTA filing in no time.

Start a free account and find out for yourself! If you have questions or need assistance, please contact our US-based support team via phone, chat, or email.