Category Archives: TipOffs

TipOffs

IRS Videos help taxpayers learn more about tax reform

The IRS has several videos that can help individual and business taxpayers learn more about the tax reform legislation. The IRS posts these videos on the IRS Video Portal and to their YouTube channel. Aside from these sites, the IRS offers tax reform information on its other social media channels, such as Twitter and their new Instagram account. Taxpayers can visit the Multimedia Center on IRS.gov for links to all the agency’s social media sites.

Here are some of the tax reform videos taxpayers can watch on their computer or on their smartphone when they’re on the go. Continue reading

IRS offers online webinars on tax reform basics for businesses

Members of the small business community can now view webinars on some tax reform provisions that affect businesses. The webinars include:


Never take a chance with your 2290 electronic filing, report it on time to receive IRS watermarked Schedule-1 proof in just minutes. Time to efile 2290

IRS confirms tax filing season to begin January 28

New Year’s is the perfect occasion to celebrate Love, friendships and all the good things in life. Let’s take the time to appreciate what Year-2018 has given us and what the new year 2019 is about to bring! A new year means new beginnings, new hope and time to work with the tax return preparation and reporting. We at ThinkTrade, Inc along with TaxExcise, ExtensionTax and Tax2290 wishing you and your family and friends a Happy New Beginning for 2019.

Here is the latest update from IRS about the filing season that is been confirm to start from Jan. 28th. However the IRS will begin accepting all business tax returns at 9 a.m. Eastern on January 8, 2019 which would include Federal Excise Tax Forms 2290, 8849 and 720. Infact the Federal Excise Taxes for 2018 4th Quarter is now due and Jan. 31 is the deadline, try reporting it online in an effortless and simplified website, TaxExcise.com Continue reading

Eight wishes for 2019 from Women In Trucking Association

This year, we’d like to share our hopes for the coming year with ten ways to support the Women In Trucking Association mission to increase the percentage of women employed in the trucking industry.

#1        More carriers will start monitoring their percentages of female drivers and will set targets to increase those levels.  They should hold recruiters, dispatchers, and everyone in management accountable for not only hiring more women, but retaining the ones they already have.  Ten years ago, carriers insisted they didn’t care about the age, gender or race of their drivers. Now more and more companies are understanding why we should focus more on diversity.  The WIT Index tracks progress in the percentage of over the road female drivers and although it’s increased to 7.89 percent in 2018 (up from 7.13 percent in 2017), we still have a long way to go. Continue reading

IRS issues standard mileage rates for 2019

The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018,
  • 20 cents per mile driven for medical or moving purposes, up 2 cents from the rate for 2018, and
  • 14 cents per mile driven in service of charitable organizations.

Continue reading

Happy Thanksgiving from all of us at Think Trade Inc.

On Thursday, the holiday season will officially kick off. Last year more than 100 million people went shopping over #Thanksgiving weekend and nearly 35 million hit the stores on #ThanksgivingDay.
Whether you will be camping out to grab those outrageous door buster sales on Black Friday, supporting the mom and pop shops around your home on Small Business Saturday, or counting down the days to those special Cyber Monday deals, here are a few things to keep in mind while shopping this holiday season.
#BBB recommends following these approved tips:

Continue reading

Important Reminders to Individual Taxpayer Identification Number Holders

Important Reminders about ITIN from IRS

  • Your ITIN may expire before you file a tax return in 2019. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2018. Additionally, all ITINs issued before 2013 with middle digits of 73, 74, 75, 76, 77, 81, or 82 (Example: (9XX-73-XXXX) will also expire at the end of the year.
  • If you need to file a tax return in 2019, IRS recommends you submit a Form W-7, Application for IRS Individual Taxpayer Identification Number, or Form W-7(SP), Solicitud de Número del Identificación Personal del Contribuyente del Servicio de Impuestos Internos, now to renew your ITIN. As a reminder, ITINs with middle digits 70, 71, 72, 78, 79 or 80 that expired in 2016 & 2017 can also be renewed.
  • See the ITIN Fact Sheet for more information
  • Along with your Form W-7, you will need to:
    • attach your original identification documents or certified copies by the issuing agency and any other required attachments.
    • select the reason for needing the ITIN as outlined in the Form W-7 and W-7(SP) instructions.
      Note: A tax return is not required with a renewal application.

What is an ITIN?

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA). Continue reading

Oct. 15 tax-filing extension deadline approaches for millions of taxpayers

Have you requested for six month extension on reporting your income tax returns? then this is a wake-up call from IRS. Your 6-month extension is about to due on October 15…

The Internal Revenue Service today urged taxpayers who requested the six-month filing extension to double check their tax returns and file on or before the mid-October deadline. IRS e-file and Free File are excellent filing options and are still available.

More than 14 million taxpayers filed for an extension in 2018 and, although Oct. 15 is the last day for most people to file, some may have more time. They include:

  • Members of the military and others serving in combat zone localities still have more time. They typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due.
  • Taxpayers in several disaster area localities who already had valid extensions now have more time to file. Currently, taxpayers in parts of California, North Carolina, South Carolina and Texas qualify for this relief. For details, see the disaster relief page on IRS.gov. However, like other extension filers, these taxpayers were required to pay what they owed by April 18, which was this year’s filing deadline for 2017 tax returns.

Continue reading

IRS extends upcoming deadlines, provides tax relief for victims of Hurricane Florence

In the latest communication issued by the IRS (Issue Number: IR-2018-187), there is a relief for Hurricane Florence victims.


WASHINGTON — Hurricane Florence victims in parts of North Carolina and elsewhere have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance. Currently, this only includes parts of North Carolina, but taxpayers in localities added later to the disaster area, including those in other states, will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.  Continue reading

Report your 2290 HVUT returns as early as possible to cut down your charges

The Federal Vehicle Use Tax Form 2290 for the tax period 2018-19 is due on August 31 for vehicles put to use on highway from July 2018. For most truckers August 31 is the deadline to report 2290 and renew their IRS Stamped Schedule1 proof. However if you have missed your filing deadline you can still report it online at TaxExcise.com and Tax2290.com. Prorate 2290 taxes for vehicles used after August 2018 and file it online (e-file) to receive your IRS watermarked Schedule-1 proof in minutes.

fast faster and fastest 2290

2290 Late Filing Charges

Late filing means you will end up paying more as late filing charges, penalty of 4.5% of the total amount of HVUT you owe for not on time, monthly fee of 0.5% for the period you missed to pay 2290 tax dues with additional interest charge of .54%. You now can make use of your credit card / debit card payment option to pay 2290 dues and pull yourself off from these extra charges… Continue reading