Operating heavy vehicles like semi trucks is a stressful, time-consuming business endeavor. Any business is rife with things to do, but when you're in charge of running a fleet of trucks on our nation's highways and keeping everything running like clockwork, you hardly have the time to stop by the Internal Revenue Service and pay the Heavy Vehicle Tax.But did you know that as of August 2007, the Excise Tax Form 2290 can be filed...more
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The HVUT, or Heavy Vehicle Use Tax, is an annual tax paid by truck drivers or owners of trucking companies. It applies to drivers operating large vehicles on our nation?s highway, and a lot of the money goes towards maintaining roads, alleviating congestion, keeping the roads safe, and funding new projects.But for many truck drivers who see themselves as the backbone of the American economic system, being taxed extra for the services they provide seems unfair and unproductive. Thus, many go out of their way to avoid the heavy highway use tax.But is it really worth it?Sneaky TacticsThere are many businesses and individuals out there doing what they can to avoid paying the HVUT. Some will lie about the weight of their vehicle or even register a vehicle as exempt when it is anything but exempt.Others will fudge the numbers on their driving miles?because commercial vehicles that have driven less than 5,000 miles over the year or agricultural vehicles that have traveled less than 7,500 miles do not have to pay the Heavy Vehicle Use Tax.Others will simply fail to remit, lie or forge on the IRS documents. And then there are those with the audacity to resort to bribery.The Government...more
Free NFL Picks: To Provide a Pathway towards Victory Nowadays, most of the football freaks are also interested in placing bets over their favorite teams. If you wan some extra cash, then this is surely a very quick way to accomplish this goal. However, you need to exercise full care before making any such bets. You can get assistance...more
Will, a a plumber who worked for himself from Houston didn't file his tax returns. Last May, he lost his records during a flood, and had not found time to fret about it because his sub-contracting custom work was at last picking up. Fortunately, the IRS had not appeared to notice, which gave Will an opportunity to forget about the his unfiled taxes...more
According to the U.S. Bureau of Labor Statistics, the demand for truckers is increasing and is expected to continue to increase 10% over the next 10 years. The heavy vehicle use tax or HVUT is a fee assessed annually on these heavy vehicles operating on public highways at registered gross weights equal to or exceeding 55,000 pounds. This tax is paid by filing IRS Form 2290. The current tax period is July 1, 2012-June 30, 2013. The deadline to file for all vehicles used during the month of July is August 31, 2012.The penalty for not filing the IRS Form 2290 by August 31st is equal to 4.5% of total tax due. This amount is assessed on a monthly basis up to five months. Those who choose not to make their HVUT payment also face an additional monthly 0.5% of the tax due penalty. Additional interest charges of 0.54% per month accrue as well. Within 5 months of not filing and paying the HVUT tax, the HVUT liability that was originally $550 will be over $700 in IRS tax debt. In addition to the monetary federal penalties, states suspend the registrations of vehicles for which proof of HVUT payment has not been provided. So not only will the taxpayer owe more money, they will also be unable...more
The AMT items that were talked about in Part 1 of this wrap-up generally were the bigger ones that can, depending on a taxpayers situation, present immediate year-end Alternative Minimum Tax savings opportunities. But the other items that were...more
Wall Street Journal editorial, A 69% Capital Gains Tax Hike . . . Pelosis 5.4% Income Surtax Would Hit Capital Gains and Dividends:House Democrats are funding their new entitlement with a 5.4% surtax on incomes above $500,000 for individuals and...more
Author: Michelle PerkinsThere is a vast number of Scholarships And Grants Taxable that you can apply for to help pay off your educational costs. You may be able to qualify for these Scholarships And Grants Taxable. Doing your own research will...more
There's a lot you're going to need to know about taking a 401k payout and tax brackets. When you make an early withdrawal there is a large penalty. A withdrawal is categorized as early when you take any money from your retirement account before you...more
Changes in the tax rules for 2010 and the coming sunsetting of the 2001 Tax Act in 2011 make this year a critical one for tax planning. Whenever significant changes occur in the tax law, there are both opportunities and pitfalls to...more
The 2010 NFL Draft was the 75th annual meeting of National Football League (NFL) took place over three days, at Radio City Music Hall in New York City, with the first round on Thursday, April 22, 2010. After the end of seventh round of NFL Draft 2010...more