Details and Rules AMOUNT $1000 Awarded December 2024 DEADLINE The deadline for applications is December 1st, 2024. Late or incomplete applications will not be considered. CRITERIA To be eligible for the ExpressTruckTax Scholarship, applicants must meet the following criteria: Field of Study: The applicant must be enrolled in an accredited university or college, studying in the fields of either Supply Chain or Public Policy. Industry Focus: The applicant’s studies or research must have a relevant and identifiable focus on the transportation industry. Academic Performance: The applicant must ma ..read more

Understanding the tax implications of leasing versus purchasing a truck is crucial for business owners and independent contractors in the transportation sector. This decision not only affects your company’s cash flow but also has significant consequences for your tax liabilities and financial planning. Buying and leasing vehicles, equipment, or properties each have their distinct advantages and disadvantages, depending on your financial situation, needs, and preferences. Here’s a breakdown of the pros and cons associated with buying versus leasing: Buying Purchased trucks can be depreciated o ..read more

The United States tax system operates on a pay-as-you-go basis, which means taxpayers are required to pay most of their tax during the year, as they earn or receive income. This requirement applies not only to employers, who withhold taxes from their employees’ paychecks, but also to individuals who are self-employed, such as owner-operator truck drivers. For these independent workers, the Internal Revenue Service (IRS) mandates the payment of quarterly estimated taxes. Quarterly taxes are payments made every three months to the federal government and, when applicable, to state governments. E ..read more

The nature of trucking demands both long hours on the road and significant spending on work-related items. Expenses range from vehicle maintenance and repairs to travel costs—all of which can add up. Recognizing these expenditures as eligible deductions can be the difference between an overwhelming tax bill and a manageable one. This financial literacy extends beyond mere money-saving; it’s about empowering each trucker to make informed decisions that align with their professional and personal financial goals. Understanding Standard vs. Itemized Deductions For truck drivers, tax preparation b ..read more

IRS 2290 payment is a vital part of tax season for commercial truckers. Sometimes called the Heavy Highway Vehicle Use Tax, IRS Form 2290 assesses heavy vehicle taxes for vehicles that regularly operate on public highways. It ensures that truckers who regularly use highways within a given year must contribute to their upkeep and maintenance.  IRS Form 2290 payment applies to all highway motor vehicles whose taxable gross weight is at least 55,000 lbs. It must be paid by anyone with such a vehicle registered in their name, whether an individual or organization. Failure to pay the tax can ..read more

If you’re new to filing truck taxes or just looking to learn more about Tax Form 2290, you’ll find all the details you need here. This article will explain what this form is and how to complete it. We’ll also answer some of the most common questions about filing your IRS Tax Form 2290. What is IRS Tax Form 2290? IRS Tax Form 2290 is also known as the Heavy Highway Vehicle Use Tax (HVUT). This tax is levied on heavy vehicles of at least 55,000 lbs. that regularly drive on public highways. Any heavy vehicle that operates on public highways more than 5,000 miles per year or 7,500 miles per year ..read more

To understand an IFTA mileage calculator, you must first know what the IFTA is. The International Fuel Tax Agreement (IFTA) is an arrangement between the US and Canada to simplify how commercial fleets report fuel use. Motor carriers that operate in multiple jurisdictions can use an IFTA mileage calculator to simplify tax reporting. What Is an IFTA State Mileage Calculator? An IFTA state mileage calculator is a tool that truck drivers and trucking companies use. It can calculate a truck’s miles driven in each state for International Fuel Tax Agreement (IFTA) reporting. The calculator typicall ..read more

If you work in the commercial fleet industry, you must keep up with the various taxes involved. We’ll explore filing IRS Form 2290 online and its requirements below. Brief overview of IRS Form 2290 IRS Form 2290 is called the Heavy Highway Vehicle Use Tax or HVUT. It’s a federal excise tax imposed on registered vehicles with a taxable gross weight of at least 55,000 pounds. The amount due is based on the taxable gross weight of the vehicle. In return for filing, you will receive a stamped Schedule 1, which you’ll need when registering your vehicle in most states. Importance of filing IRS Form ..read more

The big screen has taught us plenty of life lessons since the creation of film. We’ve rambled through a collection of trucking films and compared summaries and comedic taglines to give you our top 3 trucking lessons from some pretty iconic movies. We encourage you to watch these films if you haven’t already or maybe re-watch them! Big Rigs On The Big Screen Snitch (2013) Starring Dwayne Johnson, Benjamin Bratt, and a 2009 Freightliner Coronado, this film captures the essence of fatherhood. Johnson, an owner of a successful transportation company tries to free his innocent son, who is facing ..read more

And just like that, the 2023-24 IRS Form 2290 deadline is nearly here! It’s super important that you don’t miss the deadline, because you will face penalties and interest from the IRS if you’re late. File today with ExpressTruckTax The quickest, easiest, and most secure solution for filing your Form 2290 is to use ExpressTruckTax! We’ll make sure you have time to finish filing before the deadline! Our interview-style form is easy to understand and takes only a few minutes to fill out. All you need is your business information, vehicle information, and a payment method for your IRS HVUT tax am ..read more