Trucking companies and owner-operators must pay a federal excise tax annually on road tractors. The tax is assessed on highway vehicles that weigh over 55,000 pounds, so larger buses are taxed also. Anyone responsible for reporting and paying the tax can benefit from learning more about IRS Form 2290.
Although the excise tax is assessed on most over-the-road vehicles weighing over 55,000 pounds, exemptions are allowed, including one for vehicles driven less than 5,000 miles annually.
You might be surprised to learn that even with the proliferation of DIY tax preparation software the IRS estimates that nearly 50% of individual filers still utilize a tax preparation service. If you are in this group, then there are some things that you need to know when you choose your next tax preparer to ensure that you are utilizing a legal tax service.
Here are some red flags that should alert you that the tax preparer you are interviewing might not be legal:
Are you sick of running your employee payroll? Usually you have two major options: you can outsource your payroll services to a company like A & C Accounting & Tax that specializes in payroll or you can just lease your employees outright through an employee leasing program. Though either option will let you avoid wading through paperwork, outsourcing your payroll is usually the better option.
1. You Can Get a Better Quality of Labor
A growing number of middle-aged and older Americans are financially and physically supporting other adult members of their family – often parents and grandparents. There are tax benefits available to help out in this situation, but do you qualify to take them?
The Rules for Claiming an Adult Dependent
There are two types of dependents: qualifying children and qualifying adults. The rules are similar for both categories, but qualifying relatives generally have a lower income threshold to be considered dependents.
Every year, most people must complete Form 1040 to file their taxes. But how much do you really understand this most fundamental of all personal income tax forms? It can mean the difference between claiming all money you're owed and missing out on some.
Page One - Taxpayer Information
The first page of the full Form 1040 comprise basically three parts: personal information, your income, and adjustments to that income.