IFTA/form 2290 questions?

Discussion in 'Trucker Taxes and Truck Financing' started by rookietrucker, Feb 12, 2008.

  1. rookietrucker

    rookietrucker Trucker Forum STAFF Staff Member

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    This is my first season that I've had to use a accountant for my taxes. I drove part of last year as a company driver and then leased for a few months. I have a few questions I need someone with experience that knows the answers.

    The accountant said they don't handle form 2290 sch of heavy highway vehicles. Bear with me here cause I might sound dumb. The company filed this form with all there tractors to include mine. I also noticed my IFTA was filed on my behalf and the taxes were paid out of my last settlement.
    Are the IFTA and the form 2290 the same filing?
    Do I need to do file anything further with the gov on this? and if I do
    What is it I need to do?

    Last question is, the accountant is charging $500 to do my taxes. Is this too much?
    they told me cause I worked both company and leased, it was gonna cost me a extra 100. Normally it is 400. Is there any place cheaper?
     
  2. Working Class Patriot

    Working Class Patriot Road Train Member

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    Go to these links.
    http://www.boe.ca.gov/sptaxprog/mciftamain.htm

    The above link was pain to get right (IFTA also has something to do with International Federation of Technical Analysts) Sorry it's California's Equalization Board site but it applies everywhere.

    http://www.irs.gov/pub/irs-pdf/f2290.pdf


    For IFTA you already know how to log your fuel/miles right?


    What I am doing is using a service to handle my permits for OTR.

    It was easier when I only ran a dump and that was just state registration and my MC permit. When I got my low-side I had to file the 2290.

    Use permit services to handle your "legal" aspects (permits IFTA records) and use an accountant for your money/tax side. BTW, do you use quickbooks? It's a handy tool for you to log and track your expenses and income. You can back-up the data and send it over to the accountant for your monthly, quarterly and yearly statements.
     
  3. rookietrucker

    rookietrucker Trucker Forum STAFF Staff Member

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    Thanks ron-mars, but you really didn't answer my question. I'm assuming since you have someone handle your IFTA/2290 you don't know. I'm trying to understand this since I never have done this before. I'm thinking since This paperwork has been done and filed. I just need to know if I need to do anything further. The company did my fuel/miles state by state.
     
  4. Sandlapper

    Sandlapper Light Load Member

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    2290 is your federal Heavy Vehicle Usage Tax or HVUT which is paid on a yearly basis. 2290 is based on estimated weight and estimated total mileage for the year. Is paid to the Feds.
    IFTA is completely different tax. International Fuel Tax Agreement and it is filed quarterly with the state your business is headquartered in (base jurisdiction). You fill out the form listing total mileage by participating states, how much fuel was bought in each state, how much fuel tax was paid in the states you bought fuel in and calculate the miles per gallon your truck gets. The purpose is to distribute fuel tax proceeds proportionatly by mileage and fuel usage in each state you travel through.
    If you run the lower 48 dont forget about NY (HUT) and NM (WDT). yay.
     
  5. Sandlapper

    Sandlapper Light Load Member

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    If you are a Carrier (have your own operating authority) You will have to file form 2290 and IFTA again. The filings your former employer did were only while you were employed by them. There are companies that can do these filings for you. If Im not mistaken Oklahoma Truck Plate can provide these services for a fee. (405)310-2784
    You need to file with the Feds to get a EIN Employer Identification Number before you will be able to file form 2290. Form SS-4 (Application for Employer Identification Number)
     
  6. Sandlapper

    Sandlapper Light Load Member

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    If you are a lease driver you need to talk to your company. I think that they file these for you. When I was a lease driver the company took care of that stuff. Sorry if my previous 2 posts panicked you. Im in the middle of filing all of this fun stuff right now.
     
  7. animal control

    animal control Medium Load Member

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    2290(AKA highway use tax,$712,due every september,paid by truck owner) and IFTA(fuel taxs) are seprate deductions to be(claimed) reported on form 1099(your income tax forn) by the person who paid for them. (I have not leased anyting B4)..When I get my papers for accouant ready this includes all expenses by me.Even unifors(clothes) phone,You name it.Plates,Permits,Fuel,Repairs,accesorys,In my case(yours may differ due to lease the owner may have paid ) my $712 2290 tax,Number of days over road ,ect,ect.Then all my intrest,diveded income ect,ect.Ask your new accouant if he does other drivers taxes if you dont know allready.His prices are right up there,and hope next year would be $400(minus the extra $100 this year),and not $600.You will claim the cost of this tax prep on your (next)2008 1099.But if your already operating at a loss then additional deductions are unimportant.If you have gains(profit$) then you want more deductions to limit your tax payment.
     
  8. rookietrucker

    rookietrucker Trucker Forum STAFF Staff Member

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    yeah, I think I panicked too. I just looked at my settlements and seen they were taking out fuel tax and highway tax. The forms they sent me were already filed. Now I just need to figure out my income taxes.:biggrin_2553:

    Thanks for the info
     
  9. rookietrucker

    rookietrucker Trucker Forum STAFF Staff Member

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    Not sure if you were asking me or not. They are based out of houston and supposedly will do out of state. Not sure how much it is to include your state income tax. Texas doesn't have one. Message me if you want there website.
    Thanks for the info
     
  10. animal control

    animal control Medium Load Member

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    No I have ben with the same place all along.But If I was bookeeper shopping I would want to know if he/she has other independant contractors as myself...No Rush..
     
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