IRS Tax Information for Business Vehicles
IRS Tax Information for Business Vehicles
The Internal Revenue Service (IRS) offers a section on its website (http://www.irs.gov/) for business with valuable information on how to prepare for and file business taxes. The website provides articles on the latest updates in the tax laws that can make a difference in what you can claim as a business deduction.
Changes in Tax Laws
The changes in the tax laws tend to reflect the current economic situation and impact how much money you will get back on your business tax refund. For example, some of the changes beginning 2009 are as follows:
The standard mileage rate for the use of a car, van, pickup or panel truck is 55 cents for business miles driven. The 2009 mileage rates are intended to cover generally higher transportation costs compared to 2008 and the reversal of the spike in gasoline prices. Taxpayers have the option of calculating the actual costs of operating the vehicle rather than using the standard mileage rates. The business standard mileage rates cannot be applied when:
Claiming any depreciation method under the Modified Accelerated Cost Recovery System (MACRS)
Claiming a Section 179 deduction for the vehicle
The vehicle is used for hire
There are more than four vehicles used simultaneously
Individuals and businesses with 25 or more tractors, trucks or other vehicles used on highways need to take note of the change in how they make their excise tax filings. They must now make these filings electronically with the IRS electronically, rather than by paper. The form that is used is called the Heavy Vehicle Use Tax Return, Form 2290. It is used to make a report and payment on highway-use excise taxes. In 2008 trucking companies filed more than 700,000 of these forms and paid out more than $1 billion in federal highway use taxes.
Using the electronic filing system means gives taxpayers the advantage of not needing to wait for a stamped paper version of the Schedule of Heavy Highway Vehicles since they receive an electronic equivalent instantly. Truckers won't have to wait any more to register their vehicles with the state.
Choose an Approved Provider
Taxpayers need to be aware of the fact they must chose an approved transmitter/software provider for Form 2290. A list of approved providers can be obtained from the IRS website. Many of the other forms used for business vehicles can also be filed electronically, saving time and money for business owners.
IRS Tax Information for Business Vehicles - To learn more about this author, visit Ilya Bodner's Website.
Like this article? Share it with your friends
IRS Tax Information for Business Vehicles
The Internal Revenue Service (IRS) offers a section on its website (http://www.irs.gov/) for business with valuable information on how to prepare for and file business taxes. The website provides articles on the latest updates in the tax laws that can make a difference in what you can claim as a business deduction.
Changes in Tax Laws
The changes in the tax laws tend to reflect the current economic situation and impact how much money you will get back on your business tax refund. For example, some of the changes beginning 2009 are as follows:
The standard mileage rate for the use of a car, van, pickup or panel truck is 55 cents for business miles driven. The 2009 mileage rates are intended to cover generally higher transportation costs compared to 2008 and the reversal of the spike in gasoline prices. Taxpayers have the option of calculating the actual costs of operating the vehicle rather than using the standard mileage rates. The business standard mileage rates cannot be applied when:
Claiming any depreciation method under the Modified Accelerated Cost Recovery System (MACRS)
Claiming a Section 179 deduction for the vehicle
The vehicle is used for hire
There are more than four vehicles used simultaneously
Individuals and businesses with 25 or more tractors, trucks or other vehicles used on highways need to take note of the change in how they make their excise tax filings. They must now make these filings electronically with the IRS electronically, rather than by paper. The form that is used is called the Heavy Vehicle Use Tax Return, Form 2290. It is used to make a report and payment on highway-use excise taxes. In 2008 trucking companies filed more than 700,000 of these forms and paid out more than $1 billion in federal highway use taxes.
Using the electronic filing system means gives taxpayers the advantage of not needing to wait for a stamped paper version of the Schedule of Heavy Highway Vehicles since they receive an electronic equivalent instantly. Truckers won't have to wait any more to register their vehicles with the state.
Choose an Approved Provider
Taxpayers need to be aware of the fact they must chose an approved transmitter/software provider for Form 2290. A list of approved providers can be obtained from the IRS website. Many of the other forms used for business vehicles can also be filed electronically, saving time and money for business owners.
IRS Tax Information for Business Vehicles - To learn more about this author, visit Ilya Bodner's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
|
For an online Car Loan Calculator and finance for a cheap car loan. Get approved on car loans or car finance in Australia with cheap bank car loans and finding a car finance broker. Commercial car loans including business car finance and car lease. Car Loan Calculator has information on finance companies and getting the right cheap car loan from banks at best car loan rates and a online car loan calculator for all finance in Australia. Get the best car finance with our help at Car Loan Calculator and Finance Ezi. - Visit Richard Jefferies's Website |
|||
Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Ilya's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Fortune Small Business Universal Search Special Report Funding Worksheet Ezine Choices |
|
 | ||
 |
Top 50 Productivity Blogs
Top Blogs To Watch In 2009 | |
 |
Top 50 Niche Blogs 2009
Top 50 Niche Blogs 2009 | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
