The Internal Revenue Service on June 9, 2022 advised taxpayers who missed the April tax deadline that they can usually avoid a larger penalty by filing their 2021 federal income tax return and paying any tax due by Tuesday, June 14.
To avoid the larger penalty, the IRS must receive the return by June 14. This means that a return mailed on that date will not qualify. For that reason, the IRS urges everyone to file electronically by June 14.
The Internal Revenue Service on June 9, 2022 announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13, issued today.
Continue readingRunning a trucking company is no easy task. There are so many things to keep track of, from managing your drivers’ schedules to ensuring that your trucks are always on the road. One of the most important aspects of running a successful trucking business is making sure that you retain your employees. One way to do this is by monitoring their driving records.
In this article, we will talk about the importance of keeping track of your drivers’ records and how doing so can help improve safety and reduce costs. As we all know, safety is the number one priority when it comes to trucking. So it’s imperative that you do everything in your power to ensure that your drivers are safe on the road.
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.
Continue readingCame 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…
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.
Continue readingEasy ways to save a bit of money on taxes are always relevant – and one surprising way to do so is keeping your car clean. Having a smooth, freshly-waxed car creates less air resistance, meaning your car works less hard, and therefore burns a smaller amount of fuel: so you pay less in fuel tax. Keeping the clutter out of your car reduces the weight and has the same effect.
For those who are thinking about their environmental footprint, reducing the amount of fuel you use through improving your fuel efficiency is one step to making your car travel more environmentally friendly. But it’s also important to consider how you are cleaning your car in aid of this – what method you choose and the cleaning products you opt for also have environmental consequences.
Why is it important to keep your car clean and shiny? You may think that the only real reason is to have a good-looking car, but taxes and safety also play a role. In fact, the fuel efficiency of a clean car is greater than a dirty one. Washing your vehicle would lower your fuel tax.
The yearly revenue of the car wash industry is $5.8 billion. You may wonder why this number is so high, but there are several important reasons for keeping your car clean. Keep reading to learn more about why you should wash your car.
Fuel tax and environmental taxes
If you want to have a smaller tax to pay in terms of your fuel or the gas guzzler tax, you will definitely want to wash your car and keep it spotless. A clean car will have better miles per gallon. Additionally, a waxed or clean car will allow air to flow more quickly across its surface, which will reduce any resistance. That will give it greater miles per gallon and make your car more fuel efficient.