Tag: expresstrucktax

Comprehensive Guide to Truck Driver Expenses

Posted on May 1, 2024 by Marcela De Vivo - truck driver

Truck driver expenses are a critical factor in the demanding world of long-haul transportation. From fuel and maintenance to compliance, taxes, and tech solutions, there is a lot to track. Understanding these financial aspects is essential for drivers, owner-operators, and fleet managers.

Our Guide to Truck Driver Expenses unravels the fiscal intricacies of the industry. Whether you’re a new driver, owner-operator, or fleet manager, you need practical tips to manage your budget.

Trucking Company Expense Categories

There are many items that can be deductible expenses for a trucking company or owner-operator. We’ll list here some of the most common, but companies may have different expenses depending on their unique situations.

Vehicle and Maintenance Costs

One of the biggest expenses that any trucking company incurs is related to their largest assets — the trucks that make up their fleet. These costs include the purchase or lease of vehicles and trailers and any expenses related to maintenance. Fleets can even deduct expenses related to depreciating property as the value of these assets declines over time and with use.

Insurance

Trucking companies often carry a wide range of insurance types, including but not limited to:

Motor truck general liability
Motor truck cargo
Physical damage coverage
Non-trucking liability
Heavy truck roadside assistance
Rental reimbursement with downtime
Trailer interchange agreement
Limited depreciation coverage
Mechanical breakdown insurance
On-hook coverage

Premiums for business insurance coverage can be deductible expenses come tax time.

Licenses

Any fees paid related to licensing for a trucking company are deductible expenses as well. This includes fees related to CDLs, USDOT numbers, motor carrier numbers, business entity fees, and any specialty fees needed to conduct business.

Taxes

Trucking companies pay taxes on highway use, fuel, and vehicle purchases. Owner-operators also have income taxes and self-employment taxes. Fortunately, many taxes paid throughout the year can also be business tax deductions.

Other Operational Costs

Other operational costs a trucking company may incur include:

Fuel
Office expenses
Payroll and employee benefits
Phone and internet costs
Banking, loans, and credit card fees
Uniforms and laundry
Any other costs required to conduct business

How to Calculate and Manage Tax Deductions for Truckers

The keys to getting the most out of trucking tax deductions are organization and documentation. By carefully calculating and tracking expenses throughout the year, you’ll have a far easier time claiming them as deductions come tax time.

There are two basic requirements for all tax deductions.

The expense must have a valid business purpose.
The expense must have proper documentation.

Additionally, any expenses used for both personal and business use must have proper proportional allocation or pro rata. This means that if the expense is used only 25% for business purposes, you can only deduct 25% of that expense.

Trucking Expense Sheet

One of the easiest ways to organize and manage trucking expenses is by using a trucking expense sheet. There are many free templates available online, but they may be missing valuable deductions.

Instead, consider subscribing to a trucking management software solution like TruckLogics. This will help you track expenses and claim deductions while offering other benefits like a trucking dispatch system, driver management system, and load board. Best of all, there are packages for any size business, from owner-operators to large fleets and brokers.

FAQs

What expenses can a truck driver claim?

There are many expenses that a truck driver or trucking company can claim as tax deductions. These include expenses related to their trucks and maintenance, insurance premiums, taxes and fees, and other operational expenses.

How do I categorize my trucking business expenses?

This will vary depending on your business and the expenses you incur. Some suggested categories include:

Maintenance
Fuel
Insurance
Taxes and fees
Meals overnight expenses
Equipment
Office supplies

What is included in a trucking expense sheet?

A basic expense sheet should list all of the categories of expenses you wish to track, along with plenty of space to track the date and cost of those expenses as they come up. It should also include a way to track large assets like trucks, trailers, office equipment, phones, etc. For these items, you should track both the cost of acquiring the equipment and the price you sell it for when you’re done using it or it’s time to upgrade.

Tax Implications of Leasing vs. Owning Trucks

Posted on February 15, 2024 by Marcela De Vivo - 2290 tax, Uncategorized

Understanding the tax implications of leasing versus purchasing a truck is crucial for business owners and independent contractors in the transportation sector. This decision not only affects your company’s cash flow but also has significant consequences for your tax liabilities and financial planning.

Buying and leasing vehicles, equipment, or properties each have their distinct advantages and disadvantages, depending on your financial situation, needs, and preferences. Here’s a breakdown of the pros and cons associated with buying versus leasing:

Buying

Purchased trucks can be depreciated over their useful life, offering tax deductions over several years. The IRS allows for accelerated depreciation methods, such as Section 179 or Bonus Depreciation, enabling larger deductions in the early years of ownership. Also, if you finance the truck purchase, the interest portion of your loan payments may be tax-deductible. Finally, if you sell the truck for more than its book value, you may be subject to capital gains tax.

Leasing

For a leased truck, the entire lease payment can often be deducted as a business expense in the year it is paid, potentially providing a more immediate tax benefit than depreciation. Some high-value leases might have deduction limits under the IRS rules. It’s important to consult with a tax professional to understand the specific limits.

Exploring Truck Lease Tax Deductions

Leasing a truck can provide considerable tax benefits, primarily through truck lease tax deductions. This term is vital to understand and account for when deciding how to acquire a new vehicle for your business. When you lease a truck, you can generally deduct the following costs:

Lease Payments: A substantial portion of each lease payment can be written off on your taxes, which may reduce your taxable income.

Maintenance and Repairs: Typically, the costs associated with maintaining and repairing a leased truck are deductible.

Insurance Premiums: The insurance you pay for the leased truck can often be deducted as a business expense.

Licenses and Fees: Any licenses, registration fees, and taxes that are part of the lease agreement could potentially be deducted.

These deductions can be made annually for the duration of the lease, offering a predictable and immediate tax benefit. Unlike purchasing, where the upfront costs are higher and the depreciation deductions spread out over multiple years, leasing provides a more immediate return on investment through these deductions.

Truck lease tax deductions offer a compelling incentive for businesses to consider leasing over purchasing. The financial and tax benefits, combined with the flexibility of updating the fleet without sizable initial expenditures, make leasing an attractive option for many businesses in the transportation industry.

Tax Benefit of Purchasing a Truck vs. Lease

Purchasing a truck for your business comes with its set of tax benefits, primarily through truck purchase tax deductions. Understanding these deductions is crucial when deciding between buying and leasing a vehicle for your business operations. When you purchase a truck, you can take advantage of several tax deductions:

Depreciation

Immediate Expensing: Under Section 179 of the IRS code, businesses can immediately expense the cost of a truck up to a certain limit in the year of purchase, subject to phase-out limits based on the total amount of qualifying equipment purchased during the tax year.
Bonus Depreciation: This allows businesses to deduct a significant portion of the purchase price of the truck in the first year, with the percentage varying depending on the current tax law.
Standard Depreciation: For the truck’s cost not covered by Section 179 or Bonus Depreciation, you can depreciate the truck over its IRS-designated useful life (typically over a 5-year period), spreading out the tax benefits.

Loan Interest

If you finance the truck purchase, the interest portion of your loan payments is typically deductible as a business expense, reducing your taxable income.

Operating Expenses

Maintenance and Repairs: Costs incurred for the maintenance and repairs of the truck are tax-deductible.
Insurance Premiums: Premiums paid for insuring the truck can be deducted as a business expense.
Fuel: Fuel costs for business use of the truck are deductible.
Licenses and Fees: The costs for licensing, registration, and taxes related to the truck can be deducted.
Upgrades and Improvements: Costs for upgrades or improvements made to the truck can often be depreciated over their useful life, offering additional deductions.

These deductions can significantly offset the cost of purchasing a truck by reducing the taxable income of your business over the life of the truck. Unlike leasing, where deductions are primarily focused on lease payments and related expenses, purchasing allows for a broader range of deductions over time. The initial tax benefits through Section 179 and Bonus Depreciation can be particularly advantageous for reducing taxable income in the year of purchase.

Choosing to purchase a truck may involve higher upfront costs compared to leasing, but the long-term tax deductions and the benefit of owning the asset outright can make it a financially sound decision for many businesses. It’s essential to consider your business’s financial situation, how long you plan to use the truck, and the tax implications of purchasing versus leasing when making your decision. Consulting with a tax professional can provide personalized advice tailored to your specific circumstances, ensuring that you maximize your tax benefits.

Navigating taxes as an owner-operator, whether leased to a company or under a lease purchase agreement, can be challenging. However, understanding the intricacies of your tax obligations and benefits can lead to substantial tax savings and a healthier financial status for your trucking business. Always consider hiring a tax expert to ensure you comply with current tax rules and optimize your tax position.

FAQ’s

Can truck lease payments be deducted from my business’s taxable income?

Yes, truck lease payments are typically deductible from your business’s taxable income as they are considered a business expense. The IRS allows the deduction of lease payments for trucks used in business operations, proportionate to their business use.

Are the lease payments for my company’s commercial trucks tax deductible?

For commercial trucks, lease payments are often fully deductible as a part of business expenses. However, if the truck is used for both business and personal reasons, the payments must be apportioned accordingly.

Do leased trucks incur federal excise tax?

Leased trucks do not usually result in federal excise tax liabilities for the lessee because the lessor typically shoulders this responsibility. The federal excise tax is applicable at the sale of certain heavy vehicles and is paid by the manufacturer or importer.

What are the tax strategy considerations when deciding to lease or buy fleet trucks?

When considering the tax strategy for fleet trucks, leasing can offer immediate tax deductions and financial flexibility, while purchasing provides depreciation benefits over time. Businesses should evaluate their specific financial needs and consult with tax professionals to devise an optimal tax strategy.

Tax Planning for Small Fleet Owners

Posted on February 1, 2024 by Marcela De Vivo - express truck tax

The United States tax system operates on a pay-as-you-go basis, which means taxpayers are required to pay most of their tax during the year, as they earn or receive income. This requirement applies not only to employers, who withhold taxes from their employees’ paychecks, but also to individuals who are self-employed, such as owner-operator truck drivers. For these independent workers, the Internal Revenue Service (IRS) mandates the payment of quarterly estimated taxes.

Quarterly taxes are payments made every three months to the federal government and, when applicable, to state governments. Estimated tax payments are calculated based on the income that you expect to earn and the estimated tax liability on that income, including self-employment tax and any other taxes you are liable for.

The importance of Staying on Top of Tax Payments for Small Fleet Owners

Self-employed drivers must understand and respect this payment structure for several reasons:

1. Cash Flow Management: By paying taxes quarterly, owner-operators can better manage their cash flow, avoiding the pressure of a single, large tax payment at year-end.

2. Avoidance of Penalties: The IRS imposes penalties for underpayment of taxes. By correctly calculating and making quarterly payments, owner-operators can steer clear of these penalties.

3. Predictable Financial Planning: Knowing what and when to pay can help owner-operators plan their finances more predictably, contributing to overall business stability.

When preparing to make these estimated tax payments, owner-operators will need several forms. The key form for federal taxes is Form 1040-ES, “Estimated Tax for Individuals.” This form helps calculate the estimated tax required to be paid each quarter. If required by your state, a corresponding state-specific estimated tax form must also be completed.

Failure to meet quarterly tax obligations can have serious consequences, including:

Underpayment Penalty: If you do not pay enough tax through withholding or quarterly estimated payments, you may be charged a penalty for underpayment of estimated tax.

Interest Charges: Like any overdue payment, any unpaid taxes will accrarily interest until the balance is paid in full.

Compounded Debt: Continual failure to pay taxes can lead to a compounded debt that is more difficult to settle in the future, encompassing taxes, penalties, and interest.

For more information on self-employment taxes and current rates, owner-operators can refer to the IRS website.

Meeting the challenge of quarterly tax payments may seem daunting, but with careful financial planning and disciplined saving, owner-operators can ensure compliance with tax regulations, reduce the risk of financial shocks, and maintain focus on the road ahead.

Keeping Detailed Records of Expenses

Maintaining meticulous records of expenses is essential for proper tax preparation, primarily due to the need to substantiate any deductions claimed on tax returns. Precise records provide a clear account of all expenditures, helping to ensure that you are only paying taxes on your net income after legitimate business expenses are extracted. In the event of an audit by the IRS, comprehensive records will serve as your first line of defense, demonstrating that your deductions are valid and accurate.

Effective strategies for organizing and storing receipts include:

Digital Organization: Utilize mobile apps and cloud-based tools designed for expense tracking where you can upload and categorize receipts immediately after incurring an expense. Examples include QuickBooks, Expensify, and Receipt Bank.

Physical Filing System: Establish a well-labeled physical filing system with folders or binders sorted by month, expense type, or another logical categorization that works for your business operations.

Regular Reconciliation: Schedule weekly or monthly sessions to reconcile receipts with bank statements and credit card statements, ensuring that all expenses are accounted for and recorded correctly.

Types of Deductible Expenses

Deductible expenses are specific costs that are necessary and customary for the operation of your business. Common work-related expenses that owner-operators can deduct include:

Food: While on the road, meals are a necessary expense. However, the IRS only allows for partial deduction considering the personal nature of food consumption.

Fuel: Perhaps the most significant expense for truck drivers, fuel costs can be meticulously documented and claimed as deductions.

Lodging: Overnight stays while on long hauls are deductible, provided they are necessary for the completion of work.

Vehicle Maintenance: Regular maintenance and necessary repairs to ensure the safe and efficient operation of the truck are fully deductible.

Insurance Premiums: Insurance for the vehicle and cargo is not only prudent but also a deductible expense.

Licenses and Permits: Any fees associated with obtaining and maintaining required professional licenses and permits are deductible.

Equipment: Necessary gear, from safety equipment to electronics that facilitate your business activities, can often be claimed.

Depreciation: Owner-operators can deduct the cost of their truck and other capital assets over time through depreciation deductions.

Retaining receipts for all these expenses is critical, as they serve as proof that the expenditures were indeed made and relate to the operation of your business. It is important to note that personal expenses or any portion thereof cannot be deducted.

For more guidance on what constitutes a legitimate business expense and how to properly document it, owner-operators can refer to IRS Publication 463 (Travel, Entertainment, Gift, and Car Expenses).

In summary, meticulous record-keeping is pivotal for tax accuracy and compliance. By regularly tracking and properly categorizing every business expense, owner-operators can optimize their tax deductions, ultimately reducing their taxable income and potential tax liability while remaining prepared for any IRS inquiries.

Exploring Tax Credits

Let’s review possible tax credits that small fleet owners can take advantage of:

COVID-19 Related Tax Credits

The outbreak of the COVID-19 pandemic led to significant economic disruptions, prompting the federal government to introduce a range of tax credits aimed at easing the financial burden for individuals and businesses. Understanding these credits is crucial for taxpayers, as they can substantially decrease the amount of tax owed and, in some cases, result in a refund.

The Families First Coronavirus Response Act (FFCRA): Initially provided paid sick leave and expanded family and medical leave for COVID-19 related reasons and created the corresponding tax credits for eligible employers. Tax credits for sick and family leave can be claimed for wages paid for leave taken due to COVID-19 reasons, including quarantine and vaccination.

Employee Retention Credit (ERC): Originally introduced under the CARES Act, the ERC encourages businesses to keep employees on their payroll. While the availability of this credit has changed over time, it can cover a percentage of wages and health insurance costs paid to employees. Eligibility has evolved, with varying criteria for different periods during the pandemic. It’s essential to review the updated guidelines to determine if your business can still benefit from this credit for past payroll periods.

Recovery Rebate Credit (Stimulus Checks): Taxpayers who did not receive the full amount of the Economic Impact Payments (stimulus checks) may be eligible to claim the Recovery Rebate Credit on their tax return. If the full Economic Impact Payment was not received, a reconciliation on the tax return could lead to additional credit, reducing the tax liability or contributing to a tax refund.

Charitable Donations:

Charitable contributions can play a transformative role in reducing tax obligations for taxpayers who itemize deductions. However, the rules surrounding charitable deductions are nuanced and demand careful consideration. To be deductible, donations must be made to qualifying organizations as outlined by the IRS. Not all organizations with a charitable purpose will meet the criteria for a tax-deductible contribution.

Itemizing vs. Standard Deduction: Taxpayers must itemize deductions on their tax returns to deduct charitable contributions. This may be beneficial if total itemized deductions exceed the standard deduction for the filing status.

Documentation and Limits: Proper documentation is required for all charitable donations, including receipts from the charitable organization, bank records, or a written acknowledgment for gifts valued at $250 or more. There are limits to how much can be deducted in a given year based on a percentage of the taxpayer’s adjusted gross income (AGI), with any excess potentially carried over to subsequent tax years.

Appreciated Assets: Donating appreciated assets, such as stocks or real estate, can provide additional tax benefits. Taxpayers may be able to deduct the fair market value of the asset while avoiding capital gains taxes that would have been incurred if the asset had been sold.

By strategically engaging with tax credits and maximizing charitable donations, taxpayers can effectively manage their taxable income. However, it is recommended to consult with a tax professional to ensure compliance with the complex tax laws and to optimize the benefits these provisions offer.

In conclusion, understanding and efficiently managing tax obligations is essential for owner-operators and small fleet owners in the United States. By adhering to the pay-as-you-go system through quarterly estimated tax payments and maintaining meticulous documentation of deductible expenses, these independent workers can avoid penalties, manage cash flow effectively, and plan their finances predictably.

Additionally, exploring available tax credits, especially those related to recent developments like the COVID-19 pandemic, as well as maximizing charitable contributions can significantly lower tax liabilities. Diligence in record-keeping and strategic financial planning are critical for ensuring compliance, optimizing deductions, and securing a stable financial future in the competitive and demanding environment of the trucking industry.

Hurry! Your IRS Form 2290 Deadline Is Tomorrow!

Posted on August 30, 2023 by Marcela De Vivo - Form 2290 Deadline

And just like that, the 2023-24 IRS Form 2290 deadline is nearly here! It’s super important that you don’t miss the deadline, because you will face penalties and interest from the IRS if you’re late.

File today with ExpressTruckTax

The quickest, easiest, and most secure solution for filing your Form 2290 is to use ExpressTruckTax!

We’ll make sure you have time to finish filing before the deadline! Our interview-style form is easy to understand and takes only a few minutes to fill out. All you need is your business information, vehicle information, and a payment method for your IRS HVUT tax amount.

Plus, if you have filed with us before and you are still using the same truck, you can use our Ready Return feature to auto-populate your return in a single click. ExpressTruckTax will recall the information entered on your last return and use it to populate your 2023 return in seconds. All you have to do is review the information and choose an IRS payment method.

Speaking of credit card payments, we now accept HVUT payments by credit or debit card, so you won’t have any extra steps!

You can also have your 2290 Schedule 1 sent to your carrier for free.

If you have any questions about your return, our 100% US-based customer support team is working extended hours until the August 31 deadline! You can call Monday-Friday, 8am-7pm EST!

Time Is Running Out To File Form 2290!

Posted on August 28, 2023 by Marcela De Vivo - Form 2290 Deadline

Hey everyone, it’s Amber with ExpressTruckTax, and today is Monday, August 28th. Oh my goodness, it flew by! The deadline to file your 2290 is this Thursday. Thursday, August 31st, is the deadline to file your 2290. Please do not wait until Thursday to file your 2290.

If you are watching this video, click the link below to go to ExpressTruckTax.com and log into your account and file your 2290 now. It seriously, seriously, it’s the deadline, just don’t even, don’t even worry, just do it now. Do it right now while you’re watching this video.

If you don’t have an ExpressTruckTax account, that’s your first problem. Uh, click the link below and register for an account. It’ll take you about two seconds, fill in your business information, your truck information, it will take you about five minutes. Seriously, this is the quickest, most efficient way to file your 2290. So go now to ExpressTruckTax.com to file your 2290.

And we are always here at this point in the game. We sleep here, we eat here, we do all the things here in our office, okay? So if you do have questions, we have the live chat option that’s on the website, there’s like a little bubble, as we are here. And then you can also email us at support@expresstrucktax.com.

Now listen very carefully, we do have phone support. It’s the last week of August, we are probably really busy with phone support, but we are here. So if you need to call us at 704-234-6005, and we will always return missed calls as well. So that’s what we do, that’s what sets ExpressTruckTax apart. Well, actually, there’s a lot of things that set ExpressTruckTax apart, but our customer support is how we are number one.

So we will get to your phone call, but you can always reach us by live chat and email as well. Just know that, and know that we are here to support you, and know that we do appreciate you, we appreciate our clients, and we know, we know that you’re busy, and you’ve been busy since May, and you’ll continue to be busy, and this is probably, I’m gonna guess, not on the list of your favorite things to do.

Um, so I get that, but I also am here to tell you that we’re here to support you in getting the things done, doing the adulting things, so that we can play and have fun over here, right?

All right, so thank you so much for using ExpressTruckTax. Let us know if you do have any questions. I appreciate you guys. Bye.

Last-Minute Tips For Filing Form 2290 On Time

Posted on August 24, 2023 by Marcela De Vivo - 2290 deadline

Thursday, August 31, is the 2023-24 Form 2290 deadline. Your return will be due with the IRS by midnight.

That’s not much time, but not to worry. We’ve got a list of everything you need and some great features to help you file your 2290 with ExpressTruckTax on time.

What you will need to file Form 2290?

In order to file your Form 2290, you will need the following information at your disposal:

Employer Identification Number
Business Name
Business Address
Vehicle Identification Number
First Used Month (FUM)
Taxable Gross Weight Category

ExpressTruckTax can simplify the filing process by cutting down on the amount of information you need to recall. Some of our great features that can help you when filing include:

1. Ready Return

If you have filed with us before and you are filing for the same truck, you can auto-populate your 2023-24 Form 2290 with the click of a button using our Ready Return feature.

ExpressTruckTax will use the information saved in your account from last time and use it to fill out your return. All you have to do is review the information and pay the e-filing fee. It’s that easy.

2. Instant Schedule 1

Any and all returns filed through ExpressTruckTax will be transmitted instantly to the IRS. The vast majority of them will be accepted within minutes of transmission, meaning you will get your stamped Schedule 1 back in minutes.

3. Free VIN corrections

Mistakes happen to the best of us – especially when it comes to 17-digit-long VIN numbers. If you accidentally file with the wrong VIN number, you can correct it for free with ExpressTruckTax!

4. 100% US-based Customer support

Our 100% US-based customer support team is working extended hours until the August 31 deadline! They are available when you need them and will answer any and all questions you have to help get you back on the road. Don’t hesitate to call (704) 234-6005.

CVSA Brake Safety Week is Here! Your Complete Survival Guide

Posted on August 22, 2023 by Marcela De Vivo - CVSA Brake Safety Week

CVSA Brake Safety Week is this week! It runs from August 20-26, 2023.

Brake Safety Week is a weeklong effort to enforce and spread awareness about the importance of brake system truck maintenance.

Be sure that your commercial truck maintenance is taken care of because tons of CVSA inspections will be taking place across the country.

If you’re not sure what’s included in truck maintenance for CVSA Brake Safety Week, ExpressTruckTax has put together a complete guide for CVSA 2023.

CVSA 2023 Inspections

Here’s what inspectors will be looking for, per the CVSA:

Check for missing, non-functioning, loose or cracked parts.
Check for contaminated, worn, cracked and missing linings or pads.
Check for S-cam flipover.
Listen for audible air leaks around brake components and lines.
Check that slack adjusters are the same length (from center of S-cam to center of clevis pin) and the air chambers on each axle are the same size.
Ensure the brake system maintains air pressure between 90-100 psi (620-690 kPa) and measure pushrod travel.
Inspect for non-manufactured holes (e.g., rust holes, holes created by rubbing or friction, etc.) and broken springs in the spring brake housing section of the parking brake.
Inspect required brake system warning devices, such as anti-lock braking system (ABS) malfunction lamp(s) and low air-pressure warning devices.
Inspect the tractor protection system, including the bleedback system on the trailer.
Ensure the breakaway system is operable on the trailer.

CVSA Resources

To make staying in the know easy, here is a compiled list of resources from the CVSA!

Don’t Forget Your Form 2290

The 2023 Form 2290 deadline is coming up on August 31! While you’re prepping your brakes, don’t forget to file Form 2290 with ExpressTruckTax.com and avoid IRS penalties!

The Most Common Form 2290 Deadline Filing Questions

Posted on August 15, 2023 by Marcela De Vivo - 2290 FAQ's

Hey, it’s Amber from ExpressTruckTax, and I cannot believe that it is already August. It seems like the days are flying by, and kids are already going back to school. It’s just craziness. Half of the office here is ready for fall and winter, and I am clinging to every second of summer that I can get. So, um, happy August!

With August comes, are you ready for it, the 2290 deadline? I know August 31st is coming, and just like the days are going really fast, this month will fly. And before you know it, it will be the deadline. Some common questions that we are getting right now are, “I made a mistake,” and again, there are several types of mistakes that can be made when you’re filing the 2290.

ExpressTruckTax has put a lot of return summaries, check your information, make sure it’s correct before you transmit to try to avoid mistakes. However, if you make a mistake, there are ways to fix most mistakes. Some mistakes cannot be fixed, and you have to call the IRS, which is a super big bummer.

But most mistakes, like a VIN correction, changing the name or the address, the wrong weight—those corrections can be made directly through your ExpressTruckTax account. When you go to Express Truck Tax, if you’re on a computer, you would just start a new return, and then there’s the 2290 amendments box over on the left that you need to select.

Then you would select which correction you need to make, which amendment you need to make, and then you transmit the return to the IRS. And then within, again, just a couple of minutes, you get that stamped Schedule 1 back with whatever the new VIN number or the correct weight.

You can also do, you know, let’s say you accidentally filed as a suspended vehicle, which is a category W. You can also do an amendment to take that to a taxable vehicle. So there’s lots of different things that you can do in your ExpressTruckTax account.

This is why we have a full support team ready to help you because these… This is complicated, and sometimes mistakes do happen. And so if you have questions about your 2290 or about how to correct a mistake that was made, give our support team a call. We’re here Monday through Friday, 8:30 to 5:30 Eastern. Our phone number is 704-234-6005. We also have email available, and, listen, we are here.

But the next several weeks will be super, super busy, and so if you cannot get through phone, send us an email, support@expresstrucktax.com, and we also have that live chat feature on the website as well. And so if you’re not able to get through phone, send us an email or do live chat.

It comes directly to us as well, and so we’re able to help you through making those corrections or just giving you the step-by-step guide to how to fix this. Again, thank you so much for filing with Express Truck Tax. We appreciate you and what you do. And let us know how we can help. Thanks so much! Bye.

File Form 2290 Now For A Chance To Win!

Posted on August 11, 2023 by Marcela De Vivo - ExpressTruckTax giveaway

The ultimate ExpressTruckTax filing giveaway is here! Simply file your 2023-24 Form 2290 by August 25th, 2023, and you’ll automatically be entered to win a BlueParrott B650-XT Noise Canceling Bluetooth Headset!

As the market-leading Form 2290 e-file provider, ExpressTruckTax has been the go-to solution for trucking companies for the past decade. And now, on top of all the benefits you’ll get from choosing us, you’ll also have the chance to score a great prize!

On August 28th, 2023 at 12PM EST, we’ll announce the lucky winner live on our Facebook page. So what are you waiting for? Enter for your chance to win a brand-new Bluetooth headset!

RULES & REGULATIONS

You must transmit a 2023-24 Form 2290 by midnight on August 25th, 2023 to enter to win.

By entering an ExpressTruckTax Giveaway (each, a “Sweepstakes”), you will be bound by these Terms & Conditions and you acknowledge that you satisfy all eligibility requirements. “ExpressTruckTax” means Span Enterprises LLC or any of its affiliates.

Eligibility

Open to individual legal residents of the 50 United States or the District of Columbia who have an ExpressTruckTax account and are 18 years of age or the legal age of majority in their state of residence prior to the date of entry. Employees of ExpressTruckTax, its affiliates, and their immediate family members are not eligible to participate.

Prize(s) and Winner Selection Method

ExpressTruckTax will award a prize to one or more individuals who file their 2023-24 Form 2290 on ExpressTruckTax.com between 7/1/2023-8/25/2023. Potential winner(s) will be selected at random from among all eligible entries received. The odds of winning depend on the number of eligible entries received. If you are a winner, an e-mail notification will be sent to you.

You must have an ExpressTruckTax account and have filed a 2023-24 Form 2290 before August 25, 2023, in order to enter or receive a prize. Limit one entry per person and household using only one ExpressTruckTax.com account per Sweepstakes. Prize(s) will be fulfilled by the Sponsor. Prize(s) will be delivered by ExpressTruckTax.com.

Each prize will be awarded “as is” and without warranty of any kind, express or implied (including, without limitation, any implied warranty of merchantability or fitness for a particular purpose). If you win a prize, you may not transfer, assign, or redeem the prize for cash. ExpressTruckTax may substitute a prize with a prize of equal or greater value.

How to Enter. You will automatically be entered to win a prize when you transmit a 2023-24 Form 2290 before August 25, 2023. If you do not wish to automatically be entered into the sweepstakes, you must notify us by email at support@expresstrucktax.com. If you choose to promote your entry (including that you filed your Form 2290) via social media or other channels, you should disclose your connection to the Sweepstakes. For example, it may be sufficient to include a statement such as #ExpressTruckTaxGiveaway.

This giveaway is not associated with Facebook.com or Twitter.com.

Other Sweepstakes. Additional Terms. Sponsor, together with ExpressTruckTax, reserves the right to modify or cancel a Sweepstakes at any time. Sponsor and ExpressTruckTax and its affiliates are not responsible for: (a) lost, misdirected, late, or incomplete entries or for inaccurate entry information; (b) any operation or transmission error, theft, unauthorized access to, or alteration of, entries; or (c) damage to any computer or device resulting from downloading Sweepstakes materials. Sponsor, together with ExpressTruckTax, may disqualify any individual found to be: (x) tampering with a Sweepstakes; (y) violating these Terms & Conditions; or (z) acting in an unsportsmanlike or disruptive manner or with intent to threaten or harass any person. Incomplete and robotic, automatic, programmed or similar entries will be disqualified. The authorized subscriber of the account used to enter a Sweepstakes at the actual time of entry will be deemed to be the participant and must comply with these Terms & Conditions in the event of a dispute as to entries submitted by multiple users having the same e-mail account.

If any errors occur in the selection of a potential winner, or if more prizes are claimed than specified, Sponsor or ExpressTruckTax may award the prize(s) by random drawing from among all eligible claimants. All prizes made available for a Sweepstakes may not be awarded in the event Sponsor or ExpressTruckTax does not receive a sufficient number of qualified and eligible entries for an applicable Sweepstakes.

Miscellaneous. Each Sweepstakes is governed by the laws of the United States. By entering a Sweepstakes, you agree (for yourself and your heirs) that Sponsor, ExpressTruckTax, and each of their respective affiliates and agents, and any entity involved in any aspect of the Sweepstakes (all aforementioned parties are collective, the “Released Parties”) will have no liability, and will be held harmless from and against liability, loss, injury or damage to property or person, including death, and reasonable attorney’s fees and court costs, due in whole or in part, directly or indirectly, by reason of the acceptance, possession, use or misuse of a prize or participation in the Sweepstakes, even if caused or contributed to by the negligence of any of the Released Parties.

Why You Need Form 2290 Prepaid Credits!

Posted on August 10, 2023 by Marcela De Vivo - prepaid credits

Hey guys, so one of the great features that we added several years ago was the prepaid credit wallet, and that’s directly on your dashboard up in the right-hand corner. There is an option there to purchase credits ahead of time and get a 10% discount.

If you’re a service provider, we give you a 20% discount because of the volume of returns that you’re filing. So, again, service providers (CPAs) get a 20% discount. If you’re a business owner and you’re coming in to file once a year, you’re going to get a 10% discount on your filing fee.

One of the things that we’ve added is the option for you to purchase prepaid credits in the filing process. So once you select how many credits you want to add, those credits never expire, so they will always be in your account, and you can use them on future returns. So it doesn’t have to be the annual renewal; it can be if you come in, let’s say you add a truck, and you need to file another single-vehicle return, you can use that credit on another single-vehicle return.

So, um, that option is there for you, and it gets you a 10% discount on your current return that you’re filing, plus a 10% discount on the next returns that you file there after that. So that is a great option for you to save money and again save time because when you use those credits, you’re not checking out every time. One other thing is that it’s saving you money on those credit card processing fees.

You don’t have to enter those in every time when you purchase a number of prepaid credits. Let’s say you purchase two or five; you’ve got them in your account, and then you just go through the process. You don’t have to check out every time; you’re just going to use those prepaid credits until they’re gone, then you’ll be prompted to buy more prepaid credits. So this is a great option to save you time and money by purchasing prepaid credits and then using those credits on your future filings.