Category Archives: TipOffs

TipOffs

Truckers should e-file highway use tax return by Sept. 3

IRS recently shared a release (Issue Number: IR-2019-138) covering the due date for reporting and paying the Federal Vehicle Use Tax form 2290. Yes, September 3rd is the due date this year (Tax Year 2019-20). the usual deadline is August 31 and it falls on a weekend, so the deadline is pushed to the next business day. Here it is from the IRS release…

WASHINGTON — The Internal Revenue Service today issued a reminder for owners of most heavy highway vehicles that the time to file Form 2290, Heavy Highway Vehicle Use Tax Return, began July 1, 2019.

The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. This generally includes large trucks, truck tractors and buses. The tax is based on the weight of the vehicle and a variety of special rules apply. These special rules are explained in the instructions to Form 2290.

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July 31 Deadline for 2nd Quarter Federal Excise Tax Returns time to know the penalties and interest rates

The federal excise tax returns reported on IRS Tax Form 720 is now due for the 2nd Quarter of 2019, this July 31. You just have couple of days left to have this reported and paid, never wait further or you might end up paying more than the tax amount.

Enough talked about the Federal Excise Tax reporting, this is the time to know what it would be the penalties and interest rated for missing the filing and paying deadline. With taxexcise.com, you can sit back and relax; we’re protected with Thawte SSL certificate, a leading Global Certificate Authority and McAfee Secure, making sure to serve you with the best and the secured website to file your return online.

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Good tax planning includes good Record Keeping

Tax planning should happen all year long, not just when someone is filing their tax return.  An important part of tax planning is record keeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also help provide answers if a taxpayer’s return is selected for examination or if the taxpayer receives an IRS notice.

This tip is one in a series about tax planning. These tips focus on steps taxpayers can take now to help them down the road.

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RESOURCES FOR WOMEN IN TRUCKING

Came across an interesting article in Big G Express Inc. through WIT eNews for July 2017. Check out here. We want this to be posted immediately in our blog to spread it across to our users and followers. ThinkTrade Inc. is an allied partner support Women In Trucking Association by offering 20% flat discount to WIT members to eFile 2290 Heavy Vehicle Use Tax returns using code “2290WIT2019“. Infact we’re a tax software development company owned and managed by a women, we feel proud to support and part of WIT. Here we go right into that article…

Resource for Women in Trucking

Being a woman in trucking definitely has its challenges. This career is hard enough, but it’s also important that you’re equipped with the knowledge and tools you need to do your job well, to stay safe, and to get the support you need for a long and successful career. Big G makes safety a priority across the board – not only behind the wheel, but also by encouraging the women on the Big G team (and throughout the industry) to have the resources and skills to protect themselves wherever they are.

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Prepare yourself, your vehicle before highway trips in extreme heat

It’s summer and must-have items include fully charged cellphone, drinking water, umbrella… with merciless temperatures forecast over the coming days, be sure you and your vehicle are prepared before traveling on highways across the state highways. Motorists should always be ready for the possibility of becoming stranded, but that need is even more critical in extreme heat.

Summer driving tips

For you and your passengers: Have extra drinking water for everyone in the vehicle, including pets, an umbrella for shade and a fully charged cellphone. Pro tip: Take a cooler to keep extra drinking water cold, and consider adding several frozen bottles of water to use for cooling off or to thaw and drink if needed.

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Form 720 for 2nd Quarter Federal Excise Tax is now Due

The federal excise tax Form 720 to report and pay the excise tax on the goods or service offer is due now for the 2nd quarter of 2019. Form 720 electronic filing is easy, simple and quick at http://TaxExcise.com. The most economic and top rated website for Form 720 is now ready and started accepting returns.

Report PCORI FEE using Excise Tax Form 720

The Patient- Centered Outcomes Research Institute (PCORIfee, is calculated based on the average number of lives covered under the policy or plan.PCORI fees are reported and paid annually using IRS Form 720 (Quarterly FederalExcise Tax Return). PCORI Excise taxes can be reported using http://TaxExcise.com.

The Affordable Care Act (ACA) imposes a fee on health insurance issuers and plan sponsors of self-insured health plans to help fund the Patient Centered Outcomes Research Institute. The fee, called the Patient Centered Outcomes Research Institute (PCORI) fee, is calculated based
on the average number of lives covered under the policy or plan. PCORI fees are reported and paid annually using IRS Form 720 (Quarterly Federal Excise Tax Return). These fees are due each year by July 31 of the year following the last day of the plan year. The fee applies to policy or plan years ending on or after Oct. 1, 2012, and before Oct. 1, 2019. Although Form 720 is a quarterly return, for PCORI, Form 720 is filed annually only, by July 31.

PCORI Fee

The fee for policy and plan years ending on or after October 1, 2018, but before October 1, 2019, is the applicable rate of $2.45, multiplied by the average number of lives covered under the policy or plan. The fee for policy and plan years ending on or after October 1, 2019, but before October 1, 2018, remains at the applicable rate of $2.39, multiplied by the average number of lives covered under the policy or plan. See Patient-centered outcomes research fee (IRS No. 133), later, and Notice 2018-85.

eFile Federal Excise Tax Form 720 at

www.TaxExcise.com

Top Rated Website for Excise Tax Electronic Filing

Indoor Tanning Services Excise Tax

Many businesses offering indoor tanning services are required to collect a 10 percent excise tax on the indoor tanning services they provide. The provider must pay the excise tax to the government, quarterly, along with IRS Form 720, Quarterly Federal Excise Tax Return. The indoor tanning services providers file and pay the taxes online using http://TaxExcise.com.

Indoor Tanning Excise tax

Excise Tax on Indoor Tanning Services Frequently Asked Questions

Electronic Filing for form 720

Electronic filing is the easy, best and fastest way of reporting your federal excise tax returns with the IRS. Saves you time and money, as cheap as $49.99 for a return and saves you big on your preparation fee. With taxexcise.com, you can sit back and relax; we’re protected with Thawte SSL certificate, a leading Global Certificate Authority and McAfee Secure, making sure to serve you with the best and the secured website to file your return online. Also, we always tell our customers to check if the site they’re filing with is secured and IRS certified because as the technology is moving rapidly, number of frauds are increasing.

You can talk to our tax experts to discuss your queries related to tax, security and more, we are just a phone call away, just dial +1 (866) 245 – 3918 or shoot a mail-to support@taxexcise.com

tax Excise and tax 2290



Three Tips to Help You File a More Complete Form 990-Series Return

A tax-exempt organization using the calendar-year as its tax year must file a Form 990-series return by May 15th, unless it has filed Form 8868, Application for Automatic Extension of Time To File an Exempt Organization Return.

Request for your Automatic Extension of Time online at http://ExtensionTax.com in 3  simple steps. May 15th is the last date to claim additional time to report your Exempt Organization Return

Exempt Business Tax Extension Form 8868

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Don’t fall for myth-leading information about tax refunds

Now that the April tax-filing deadline has come and gone, many taxpayers are eager to get details about their tax refunds. When it comes to refunds, there are several common myths going around social media.

Here are five of these common myths:

Myth 1: Getting a refund this year means there’s no need to adjust withholding for 2019
To help avoid an unexpected tax outcome next year, taxpayers should make changes now to prepare for next year. One way for a taxpayer to do this is to adjust their tax withholding with their employer. The IRS encourages people to do a Paycheck Checkup using the IRS Withholding Calculator to determine whether their employer is withholding the right amount. This is especially important for anyone who got an unexpected result from filing their tax return this year. This could have happened because the taxpayer’s employer withheld too much or too little tax from the employee’s paycheck in 2018. Continue reading

Many tax-exempt organizations must file information returns by May 15

Form 990-series returns are due on the 15th day of the fifth month after an organization’s tax year ends. In 2019, May 15 is the deadline to file for organizations using a calendar year tax year. If you need an extension of time to file, use Form 8868, Application for Automatic Extension of Time to File an Exempt Organization Return.

IRS is sending back incomplete and incorrect returns  

The IRS sends back Form 990 series returns filed on paper – and rejects electronically filed returns – when they are incomplete or the wrong return. What happens if my Form 990 is missing information or a schedule, or is the wrong return? Continue reading

Taxpayers who can’t pay their taxes should still file on time

With the April tax filing due date just a few days away, taxpayers should remember to both file and pay any taxes they owe by the deadline. Taxpayers who do not file and pay timely will see their tax debt grow. In fact, penalties and interest can cause a taxpayer’s debt to grow by more than thirty percent in just a few months.

Here are some tips for taxpayers who owe tax, but who can’t immediately pay their tax bill. Taxpayers should:

  • File their tax return or request an extension of time to file by the April deadline.
    Taxpayers who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time.
  • Pay as much as possible by the April due date.
    Whether they are filing a return or requesting an extension, taxpayers must pay their bill in full by the April filing deadline. Taxpayers who do not pay their taxes on time will face a failure-to-pay penalty. Taxpayers should remember that an extension of time to file is not an extension of time to pay.
  • Set up a payment plan as soon as possible.
    Taxpayers who owe, but cannot pay in full by the deadline don’t have to wait for a tax bill to request a payment plan. Taxpayers can apply for a payment plan on IRS.gov. Taxpayers can also submit a payment plan request in writing using Form 9465, Installment Agreement Request.

e-File Business and Individual Extension Tax Forms online

Form 7004 and Form 4868 are due this April 15th, File a Tax Extension and Push you Deadline to October 15th

Extension of Time to report