This tax is due by August 1st if you have been running the truck all year right?......If I am not running the truck and it has a for sale sign on it...do I still pay this?.....also I will probably have people that want to test drive it so I am assuming that I do have to pay it. I am still technically in business as I still have checks coming in and have not sold the equipment yet,license and insurances all still active...The company is no longer making money though,I am not running any freight anymore,kinda at a stand still with the intention to close a little at a time. Any help I will appreciate. Thanks.
HVUT Need Help Please
Discussion in 'Trucker Taxes and Truck Financing' started by Christank, Jul 11, 2010.
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Read the instructions.
If I remember right, there is a 5,000 mile limit or something like that.
If you are over it, you must pay it.Christank Thanks this. -
Is that for the last year running?
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The first question on it gives you the answer.
Then see Line 7.
http://www.irs.gov/pub/irs-pdf/f2290.pdfChristank Thanks this. -
Okay I will try to find a book...thanks! Hey do you now anything about IFTA? I am not moving the truck much after this quarters IFTA...but there will be a few miles on it for the next quarter...50 or less I would say....How do I file next quarter?
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I posted the link for the form.
The answer is:
Did you use the truck on the highway over the road on July 1, 2010
How many miles have you put on it since July 1?
IFTA, is based on the quarterly reporting period. When did you last use the truck?Christank Thanks this. -
Last used it to haul loads last week of June....however I know people will want to test drive it before I sell it and I might have to take it to mechanic one more time....that will put a few miles on it for next quarter....I am assuming i will have to file a return next quarter with IFTA because of these couple miles?
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Not to haul loads....or earn money.....Only for people to test drive to buy it and to have mechanic fix one more thing. Technically nothing has been shut down and the business is still up and running. But thats because Im trying to figure out how to get out out and close it down. If I read your link correctly,I would have to put 5000 or more miles on it starting is July to have to owe the tax?
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You are evidently not in business after June 30, 2010. If so, file the IFTA for the second quarter as a final.
The miles for test drive or whatever are not business miles.
Therefore, you will not have 5,000 miles over the road on it, so you will check the exemption on the form 2290 line 7.Christank Thanks this.
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