Category: new vehicle

Don’t Make These Mistakes When Buying a New Truck

Posted on March 31, 2016 by - 1st Quarter IFTA Deadline, 2290 Amendment, IFTA Records, new vehicle, purchasing

We made it through winter, and Spring is upon us. Goodbye dangerous, icy roads!

And not only are plants springing up from the ground, but truckers are thinking, “Hey, why don’t I get rid of my old rig and buy a new one?”

And we’re right there with you, Trucking Nation. Sometimes it’s better to just say goodbye to that old truck and hit the road on something shiny and new (to you, at least).

But beware, there are mistakes you can make when you purchase a new vehicle!

So we’ve thrown together a few tips to help you avoid those new truck-buying mistakes.

Don’t Blow Your Budget

Factor in how you are using the truck, your distance traveled, and even what you will be hauling. The last thing you want is to drop all your cash on a beast of a truck and discover that you’re not even using it right.

And we know you don’t want to buy something that can barely haul an empty flatbed. So list out your truck requirements AND your expected uses on a sheet of paper, on your phone, or anywhere you can keep track.

From this list, create a BUDGET. Allow yourself time to look over it and figure out what you want to buy.

And don’t go into any purchase blind! Calculate the costs you’ll incur for the purchase, as well as your insurance, taxes, and all the accoutrement (that’s French for extra stuff).

You should probably aim your budget forward, too. You’ll need to factor in your cost of maintenance so that you don’t break the bank a few months down the road.

Don’t Pick a Lemon

While we say find something within your budget, make sure you also appeal to your better creature comforts.

You’re gonna be stuck in this rig on the road for who knows how long, so make sure you can live comfortably in the thing. Check the amenities, so that you don’t end up in a truck that is hard to live in.

We don’t know if you co-drive or bring pets with you, but factor in your comfort level, your partner’s, and your pet’s.

Don’t Bungle Your Taxes

Sometimes it sounds like we’re beating a dead horse, but we have to say it. No matter what, your 2290s don’t transfer!

That means you need to file for a new 2290 when you get that new truck. We’ve come across plenty of truckers who either don’t know this or think it doesn’t apply to them. It does!

And it’s an easy fix, too. You just need to e-file Form 8849 and claim a credit and you’re good!

Don’t Settle

There’s nothing worse than buyer’s remorse. Don’t settle for a new rig that doesn’t meet the quality standards you know you need. I mean a deal is a deal, but make sure you’re happy with it at the end of the day.

And don’t forget, there’s an IFTA deadline on May 2nd! Head over to ExpressIFTA for the easiest way to generate your fuel tax report.

As always, if you have any questions about e-filing your HVUT 2290s or generating your upcoming IFTA report, give us a call at 704.234.6005.

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Sold a Vehicle? This Is How You Get Credit

Posted on March 3, 2016 by - Claim for Refund of Excise Taxes, Form 8849 online, Hvut 2290, new vehicle, sold vehicle

So you bought a new truck this year, and you sold your old one. We know you love riding around in that brand new shiny rig—I mean, who wouldn’t?

But the ghost of your old truck is still hanging around, haunting you at every turn. All that time and money you spent, gone. Oh wait, that’s not a ghost, that’s just the old heavy vehicle use tax you paid before you sold that truck. Can you get that back?

Sure, in a sense—you can claim a credit with ExpressTruckTax. How do you go about claiming credit for a sold vehicle? Just e-file Form 8849, Claim for Refund of Excise Taxes!

What is Form 8849?

If you filed Form 2290 on a vehicle you’ve since sold, filing Form 8849 Schedule 6 will get you credit for the sold vehicle. If your truck was stolen, or destroyed, or maybe you didn’t realize it was exempt, you can file Form 8849.

What do you need for Form 8849?

Anybody who needs to claim a refund can claim it with Form 8849. Remember, you need to have already paid your heavy vehicle use taxes before selling the vehicle to qualify. First, you need your correct name and address. Next, you need your EIN and the vehicle information you are claiming a refund for. Since you are filing because the vehicle was sold/stolen/destroyed, you will need the date the event occurred.

Say it in English

Well, when you sell a vehicle that already has the HVUT paid, the vehicle is covered until the end of the month of purchase. From then on, it’s up to the new owner to pay the vehicle’s HVUT. But as the seller, you simply need to e-file Form 8849 to claim your credit.

Remember to remind the buyer that heavy vehicle use taxes DO NOT transfer from one owner to another. They’re required to file Form 2290 and pay taxes on any qualifying rig.

Basically, as a seller you can be credited for the taxes you paid before you sold the vehicle, and the buyer owes the difference. As 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. If you’re reading this, something tells me you want your credit now!

If you’re confused, our legendary customer support team is here to answer your questions. Remember to follow us on Twitter and Facebook to keep up with the latest trucking news and upcoming deadlines!

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.