Category: selling

Elementos Esenciales del Formulario 2290 Para Comprar ó Vender Un Camión

Posted on September 23, 2022 by - selling, Spanish, Spanish 2290, Spanish Form 2290

El Formulario 2290 debe ser presentado por los conductores de vehículos que pesen 55,000 libras o más para el Impuesto sobre el Uso de Vehículos Pesados. Por lo general, si usted es el propietario de ese vehículo, será usted quien lo solicite. ¿Qué sucede cuando se compra o se vende un camión de este peso en términos de la presentación del Formulario 2290?

Al comprar un vehículo de un peso calificado, se le transfiere la propiedad de ese vehículo. Ahora debe pagar el Impuesto sobre el uso de vehículos pesados ​​para ese vehículo y hacer el Formulario 2290. La cantidad del impuesto depende del peso del vehículo que compre, cuándo planea ponerlo en la carretera y cuánto planea conducirlo.

El Formulario 2290 vence el 31 de Agosto porque el año fiscal del Impuesto sobre el Uso de Vehículos Pesados ​​va del 1 de Julio al 30 de Junio del año siguiente. El mes en que puso su vehículo en la carretera por primera vez es el primer mes en que lo usó. Si pone el vehículo en la carretera a mediados del año fiscal, deberá el monto del impuesto por los meses restantes de ese año.

Si vende un vehículo de un peso que califica, el proceso es un poco diferente, especialmente si ya pagó el impuesto sobre el uso de vehículos pesados ​​para este vehículo para el año actual. Si planea comprar un vehículo nuevo o ya tiene otro vehículo, la próxima vez que haga la solicitud podrá reclamar un crédito de vehículo vendido en ese vehículo. Esto reducirá la cantidad de impuestos que deberá pagar sobre este vehículo.

Si no planea comprar otro vehículo o no tiene otro, entonces puede presentar un Formulario 8849 Anexo 6 que está diseñado para solicitar un reembolso por el monto del impuesto por los meses en que ya no fue propietario del vehículo. También puede hacer uno si todavía tiene o planea comprar otro vehículo, aunque el Formulario 8849 Anexo 6 se procesa manualmente, por lo que puede demorar hasta un año en procesarse.

Si está comprando o vendiendo un vehículo, ExpressTruckTax facilita la declaración del Formulario 2290. Puede hacer el Formulario 2290 y especificar el primer mes de uso después de comprar un vehículo nuevo ahora que es propietario del mismo. ExpressTruckTax también hace que reclamar créditos en vehículos vendidos sea muy fácil. Simplemente solicite su vehículo nuevo o actual y luego especifique que está reclamando un crédito por el vehículo vendido. Ingresará los detalles de la venta, a quién le vendió el vehículo, su información y la fecha de la venta. ExpressTruckTax también facilita la presentación del Formulario 8849 Anexo 6, aunque debe especificar toda la información relacionada con la venta, incluido a quién le vendió el vehículo, su información, la fecha de venta y proporcionar la factura de venta.

¡Para que su experiencia de declaración sea rápida y fácil, elija ExpressTruckTax! Todo el proceso solo toma unos minutos y se puede completar desde cualquier dispositivo para que sea lo más conveniente posible. ¿Qué estás esperando? ¡Presente con ExpressTruckTax hoy!

Form 2290 Essentials for Buying or Selling a Truck

Posted on September 23, 2022 by - Buying Trucks, Claim your Tax credit, Credit Form 8849, selling

Form 2290 must be filed by drivers of vehicles weighing 55,000 pounds or more for the Heavy Vehicle Use Tax. Typically if you are the owner of that vehicle you will be the one that files for it. What happens when a truck of this weight is bought or sold in terms of filing Form 2290?

When buying a vehicle of a qualifying weight the ownership of that vehicle is transferred to you. Now you have to pay the Heavy Vehicle Use Tax for that vehicle and File Form 2290. How much tax you owe depends on the weight of the vehicle you purchase, when you plan to put it on the road, and how much you plan to drive it. 

Form 2290 is due on August 31st because the tax year for the Heavy Vehicle Use Tax goes from July 1st to June 30th of the following year. The month that you put your vehicle on the road for the first time is the first used month. If you put the vehicle on the road in the middle of the tax year, you will owe the tax amount for the months remaining in that year. 

If you sell a vehicle of a qualifying weight, the process is a little different, especially if you have already paid the Heavy Vehicle Use Tax for this vehicle for the year. If you plan to purchase a new vehicle or already have another vehicle, the next time you file you are able to claim a sold vehicle credit on that vehicle. This will reduce the amount of taxes you owe on this vehicle. 

If you do not plan to purchase another vehicle or don’t have another one, you are able to file a Form 8849 which is designed to request a refund for the tax amount for the months that you no longer owned the vehicle. You are also able to file one if you still have or are planning to buy another vehicle, though Form 8849 is processed manually so it can take up to a year to be processed. 

If you are buying or selling a vehicle, ExpressTruckTax makes filing Form 2290 easy. You can file Form 2290 and specify the First Used Month after you purchase a new vehicle now that you have ownership of it. ExpressTruckTax also makes claiming credits on sold vehicles a breeze. Simply file for your new or current vehicle and then specify that you are claiming a credit on the sold one. You will put in the details of the sale, who you sold the vehicle to, their information, and the date of the sale. ExpressTruckTax also makes filing Form 8849 easy too though you have to specify all of the information regarding the sale including who you sold the vehicle to, their information, the date of sale, and provide the bill of sale.

To make your filing experience fast and easy, choose ExpressTruckTax! The entire process only takes a few minutes and can be completed from any device to make it as convenient as possible. What are you waiting for? File with ExpressTruckTax today!

Buying a New (To You) Semi-Truck

Posted on November 17, 2016 by - financing, HVUT credits, new truck, personal finance, purchasing, selling, tips & tricks

Buying a New (To You) Semi-Truck
Buying a New (To You) Semi-Truck

Buying a new vehicle is a hassle. Whether you’re buying a sedan for the family, or that hot rod you’ve always dreamt of, you’re gonna face some kind of trouble.

But what about when you want to buy a new semi-truck?

Choosing Your Truck

Your first determination will be, do you want a new truck or a used truck? In order to figure that out, you need to think about what you will be doing with your truck. Unfortunately, new trucks run between $80,000 and $150,000. With all the bells and whistles out there, you could sit right near $200,000.

Of course, getting a new truck usually means you’re getting a warranty, too. That will offset costly repairs, at least!

If you’re running local freight and one day jobs, getting your hands on a used semi-truck could be a better option.

Whichever option you pursue, you need to figure out your margins and set a budget. This should not only include what you can afford to buy, but it should also factor in what your fuel, maintenance, and insurance costs will be with said truck.


Related Blog: HVUT Credits: Selling & Purchasing Vehicles

How Do You Pay For It?

That’s the most important question, isn’t it? There are basically two payment routes you can take when it comes to purchasing your truck – financing and outright purchasing.

We’ll have to break this down into two categories: Why you should seek out financing, and why you shouldn’t.

If you own a trucking business, some of the costs of the vehicle and the depreciation can be deducted from your taxes – make sure you keep detailed records. However, on the plus side, many loans don’t require an initial payment, so there’s

However, there are some disadvantages to financing your truck. First, if your loan payments are high, you’re gonna feel it in your wallet. On top of that, you’re still responsible for your own truck maintenance, including parts! Plus, the truck isn’t technically yours until you’re done paying it off.

After all of that, some financiers will only supply financing if you already own multiple trucks, making this harder for single truck owner-operators!

If You Go Used, Get Inspected

While buying a used truck might be the most affordable option for you, you need to make sure you’re not throwing money into a lemon.

So when you buy a used vehicle, make sure you get the truck thoroughly inspected.

While they may swear the truck works great, and you may know your way under the hood of a truck, getting an independent mechanic to inspect the vehicle can save you in the long run.

It might cost you around $100 now, but if it saves you thousands in repairs down the road, where’s the loss?

When you get an inspection, the key points you want to have examined are axle configuration, truck horsepower and capacity, engine condition, brake systems, cab condition, and the maintenance logs.

If all clears, you found yourself a good investment!

Once you have your new truck on the road, you’re going to need to e-file Form 2290. Head to ExpressTruckTax and sign up for a free account – you won’t have to pay until you transmit your heavy vehicle use tax!

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.