Truck Tax

Posted by Admin on 20. March 2012 03:52

Heavy highway vehicle use tax return can be used for paying tax due on highway motor vehicles used during the period with a taxable gross weight of 55,000 pounds or more. It can also be used to figure and pay tax due on vehicle for which you completed the suspension statement on another Form 2290 if that vehicle later exceeded the mileage use limit during the period. HVUT stands for heavy vehicle use tax which is an annual federal highway tax imposed on certain heavy motor vehicles, including trucks, truck tractors, and buses using our public highways. The tax applies only to vehicles with a taxable gross weight of 55,000 pounds or more.

Form 2290 is used for filing this tax and up on acceptance, IRS will provide a stamped schedule1 which is the proof of payment of tax which further can be used to register the vehicle at DMV. Vehicle Owners and Operators use etax2290.com web-tool to submit Form 2290 and receive Stamped schedule1 in minutes. The IRS encourages all taxpayers to file Form 2290 electronically for filing Heavy highway vehicle use tax Returns for 2011-2012 and prior years. Electronic filing is required for taxpayers reporting on 25 or more vehicles. The due date for filing 2011-2012 tax returns for vehicles first used in July through September is November 30, 2011.

Vehicles first used October 2011 through June 2012 will follow the normal schedule for filing with reports due by the end of the next month that each vehicle is used for first time. For example, if a vehicle is first used in November 2011, Form 2290 is due by last calendar day of next month, or December 31. Truck owners and operators can use prior 2290 schedule1 filing receipts for 2010-2011 reporting to receive their IRP Tag prior to November 2011.

All form 2290 transactions can be handled in minutes electronically with the etax2290.com service. Once form is submitted via our web-service, schedule1 with IRS stamped watermark will be processed and returned to you in less than an hour and there is no need to visit and wait in line at the local IRS field offices. Start trying the www.etax2290.com service for free. Once you enter business and vehicle information, the website provides all other necessary calculations and additional IRS data for fast, error-free, electronic reporting.

There are several different methods for sending final 2290 forms to IRS that meet needs of Truck Owner/Operators of any level, from reports on a single vehicle to large scale fleet operations, as well as solutions for third party tax providers. The www.etax2290.com website maintains a history of all business, vehicle, and prior filing information for quick and easy reporting of future year tax returns. Click on links below to IRS Instructions, and sample completed Form 2290 and IRS Stamped schedule1, to learn more and then complete your 2290 Form filing over the web in minutes with our proven IRS e-file solutions from the team at www.tax2efile.co,

Form 8868

Posted by Admin on 14. March 2012 02:16

Application for Extension of Time To File an Exempt Organization Return.

Form 8868 is used by an exempt organization to request an automatic 3-month extension of time (6 months for a corporation required to file Form 990-T) to file its return and also to apply for an additional (not automatic) 3-month extension if the original 3-month extension was not enough. Also, the trustee of a trust required to file Form 1041-A or Form 5227 must use Form 8868 to request an extension of time to file those returns.

You cannot apply for both the automatic 3-month extension and the additional (not automatic) 3-month extension at the same time.

Use Form 8868 to apply for an automatic 3-month extension of time to file an organization’s return, and submit the original form to the IRS (no copies are needed). Or for applying for an additional (not automatic) 3-month extension.

The automatic 3-month extension (6 months for a corporation required to file Form 990-T) will be granted if this form is properly completed, filed, and any balance due on line 3c is paid by the due date for the return for which the extension applies.

File Form 8868 by the due date of the return for the form you are requesting an extension, or, in the case of an additional 3-month extension, by the extended due date of the return. When requesting an additional extension of time to file, file Form 8868 early so that if your request is denied you can still file your return on time.

An organization will only be allowed a total extension of 6 months for a return for a tax year.

Automatic 3- month (6 month in Case Corporation required to file form 990-T) can be electronically filed. However, you cannot file Form 8868 electronically if you want the additional (not automatic) 3-month extension or you are filing extension request for Forms 990-BL, 6069, or 8870, group returns, or a composite or consolidated Form 990-T.

For more information on Filing Form 8868 Online visit Visit www.Etax8868.com  today!!

Efile 7004 Extension

Posted by Admin on 13. March 2012 09:25

What is 7004 extension ?

7004 extension is the application which is required to file extension with irs for a partnership, a multiple member LLC filing as a partnership, a corporation, or s-corporation for filing taxes.

EFile 7004 extension with www.etax7004.com to avoid late filing penalty.

www.etax7004.com is the IRS authorized provider for efiling 7004 extension with easy to use entry screens and well trained, professional support personals over phone and chat.

By filing 7004 extension you will get an automatic extension up to 6-months of time to file from the IRS. To get a 7004 extension, you must e-file form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns by the due date for filing your calendar year return (usually April 15 for individuals and March 15 for Businesses) or fiscal year return.

You can also e-file IRS form 8868(Application for Extension of Time To File an Exempt Organization Return) to get Tax Extension up to three months automatically with form 8868 and form 4868 , Application for Automatic Extension of Time To File U.S. Individual Income Tax Return with form 4868 , which all are from the same product family from www.tax2efile.com.

What to Report on Your 1099-Misc

Posted by Admin on 2. March 2012 01:39

Specifically, a Form  1099 -MISC must be issued when you make: payments for a total of $600 or more for services rendered by contractors, subcontractors, attorneys, accountants, directors, and others; rental payments for a total of $600 or more, other than rents paid to real estate brokers; payments of $600 or more for prizes and compensation that are not for services rendered, such as prizes for winning a contest on television or radio; payments of $600 or more for medical or health care services, income for crop insurance, and cash payments for purchases of fish; payments of at least $10 in royalties or payments to brokers in lieu of dividends or interest exempt from taxes; payments to certain members of a crew made by fishing boat operators; gross proceeds paid to attorneys; and sales of $5,000 or more of consumer goods to a buyer who is going to resell the goods in any place that does not constitute a permanent retail sales establishment.

Payments You Do Not Have to Report :

Certain payments, even when they may be taxable to the recipient, do not have to be reported on a Form  1099 -MISC. These payments include: payments for merchandise, communication services such as telephone, freight, storage, and similar items; rent payments made to real estate brokers; salaries paid to employees (reported on W-2 forms); allowance paid to employees for travel expenses (included on W-2 forms); payments for life insurance coverage (included on W-2 or Form 1099-R); payments to a tax-exempt organization or to a government; certain transactions with payment cards if a payment card organization has assigned the merchant or recipient of the payment a Merchant Category Code.

Generally, you do not have to report payments to corporations on Form  1099 -MISC, but there are some exceptions, including: payments for medical or health care services, cash purchases of fish, attorneys' fees, gross proceeds paid to attorneys, substitute payments in lieu of dividends or tax-exempt interest, and payments made by a federal executive agency for services.

Form 1099-K

Posted by Admin on 23. February 2012 02:46

If you are a merchant acquiring bank, or its card processor, or enrolling ISO or agent, you need to know that one of the biggest changes in the Housing Assistance Tax Act of 2008 has absolutely nothing to do with housing but it has everything to do with you: a new requirement that acquiring banks and their affiliates will be required to report transactions to card merchants and to the IRS effective in 2011.

In other words, most payments for goods and services paid by card (including credit and debit cards and some stored value cards) or third party networks will now be reported to the IRS via a new Form  1099-K ,Merchant Card and Third-Party Payments

Under the new regulations (IRC section 6050W), Form  1099-K  is required for “reportable payment transactions” (a transaction in which a payment card — such as a credit card — is accepted as payment, or any transaction that is settled through a third party payment network).

Visit www.etax1099.com to file your form 1099-K  or Call 703-229-0326!!

How to pay your 2290 Heavy Vehicle Usage Tax

Posted by Admin on 15. February 2012 04:26

Source: USDOT – FHWA

IRS Form 2290 is used when paying the HVUT. The Internal Revenue Service (IRS) is responsible for collecting the tax, so all payments are made to the IRS. Payments made in 2007 cover the period from July 1, 2007 to June 30, 2008. For new vehicles, IRS Form 2290 must be filed by the last day of the month following the month of first use.

Once the carrier has paid the tax, proof of payment must be submitted with their registration renewal to relevant state authorities. Proof of payment may generally be provided either in the form of a receipted and stamped Schedule 1 from IRS Form 2290 or a copy of a completed IRS Form 2290 with a front and back copy of the canceled check used to make the payment. This process is illustrated in the image shown below.

For large carriers with 25 or more vehicles, electronic filing is accomplished using a credit card or other means of electronic payment. When presenting proof of payment, the taxpayer must have the original electronic receipt or a copy of the receipt and a credit card or other bank statement showing evidence of the transaction.

In the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU), Congress took action to enhance HVUT enforcement through several provisions:

• Mandating that HVUT taxpayers with 25 or more vehicles file taxes electronically
• Repealing the option to pay the HVUT on a quarterly basis
• Funding the development of an electronic system for the filing process

Form – TD F 90-22.1 FBAR (Foreign Banks and Financial Accounts Report)

Posted by Admin on 14. February 2012 09:19

Form 2290 Vehicle Categories

Posted by Admin on 13. February 2012 03:26

When filing a 2290  there are 4 categories your vehicle may fall under. 

1. Taxable- Any vehicle more than 55,000lbs and is driven more than 5,000 miles in the given taxable period. Also applies to agricultural vehicles used more than 7,500 miles in the given tax period.

2. Credit Request- Applicable to vehicle that were filed as taxable but were either sold or not used more than 5,000 miles. This allows you to request that the IRS credit the previous tax amount paid back to you because your vehicle applies to one of these conditions.

3. Suspended - This is any non agricultural vehicle that is operated less than 5,000 miles in the given tax period. It also applies to all agricultural vehicles driven less than 7,500 miles in the given tax period. Suspended vehicles are tax exempt but still require a 2290  to be filed.

4. Sold Suspended Vehicles- This applies to any previously suspended vehicle that was sold during the given tax period. 

For more information on what category to file your vehicle under, or to begin filing your  2290  today visit www.etax2290.com.

Start Filing Form 8868 Now!!

Posted by Admin on 13. February 2012 03:24

Tax2efile Launches new site for Form 7004

Posted by Admin on 13. February 2012 03:11

Tax2efile is an online tax filing service designed to assist individuals and businesses in filing their federal tax return and extensions with IRS. There service enables users to file their returns electronically as well as by traditional paper filing.

Tax2efile is recognized as a leader in E-Filing Services. With an easy to use website and Live customer support from an experienced and well trained staff Tax2efile is always offering their customers the best experience possible.

In keeping with tradition Tax2efile is always pushing forward offering their customers new and innovative services designed to help individuals and businesses complete their tax filing needs.

Newest to the list of forms offered from Tax2efile is Form   7004  and with it a dedicated site has been launched for e-filing Form  7004

The official name of Form  7004 is Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. This form is used to apply for an extension to file a business’s taxes.  

Tax2efile is an IRS Authorized company.

Visit www.etax7004.com to begin filing today!!