Vehicle Tax Preparation Checklist
This is a partial list of tax deductions for owners of Trucks, Passenger vehicles and tire shops. Those deductions are for information purpose. They are listed at random. Care should be taken when matching deductions to either of the three trades. Taxpayers would be audited for taking wrong deductions.
Internet service, Fuel & fuel mileage tax, Vehicle depreciation; Defensive driver training, Out of state tax, Split fare, Base fee & Service fee, Black car fund , T& LC fee, Insurance Broker Fee, Agency broker fee, Legal & Accounting Fee, Commercial driver's license, Depot pass/Scale fees; Security & escort service, Truck & car wash, Limousine base fee, RIFA repair, Load board fee, Uber base fee, Communicar base fee, Lumpers fee, Uniform, cleaning & maintenance; Short hauler/drop lot; Sub-contractors, Safety boots, gloves & safety equipment; Wheel chair training class, Disposable tools, Dealer license & bond, Dept. of consumers affairs; Cost of inventory sold, Computer, Software, Scanner, Rebuild engine, Equipment rental, Generator, Welding machine, Wheel balance, Trailer door Locks & thermeters, Credit card processing fees, Bank fees, Meals & entertainment, Business cards, Signage, Posters & awning; Advertising & promotion, Trade show expenses, Tire repair and supplies (patches, plugs, glue, engine oil, etc.), Tire disposal, Trip mileage, Mandatory drug tests, Vehicle insurance, Business & premises insurance, Parking, Workers compensation & disability insurance, Rent, Electricity, Heating, Federal highway (IFTA) tax, Tolls & bridges, Repairs & maintenance, Telephone, Sales tax, Lease payment, Truck stop (shower, laundry & lodging), Vehicle Inspection, Registration & license plates, Tire disposal, Private sanitation carting, Sweeping, Snow removal & salt, Garbage bags, Towing, Fire department & fire extinguisher, Heavy duty lifts, Hand tools, Tool storage equipment, Engine oil disposal, Unemployment & Payroll tax, Rain & Winter outfit/protective clothing etc.
The taxable gross weight of a vehicle (other than a bus) is the total of:
1) The actual unloaded weight of the vehicle fully equipped for service
2) The actual unloaded weight of any trailers or semi trailers fully equipped for service customarily used in combination with the vehicle
3) The weight of the maximum load customarily carried on the vehicle and on any trailers or semi trailers customarily used in combination with the vehicle.
The taxable gross weight of a bus is its actual unloaded weight fully equipped for service plus 150 pounds for each seat provided for passengers and driver.
Heavy Vehicle Use Tax (HVUT)
Registered heavy highway vehicles with a gross weight of 55,000 pounds or more must file Form 2290. Form 2290 must be filed for each month a taxable vehicle is first used on public highways during the current period. The current period begins July 1, 2016, and ends June 30, 2017. Form 2290 must be filed by the last day of the month following the month of first use. The filing rules apply whether you are paying the tax or reporting suspension of the tax. Usually, owners of cars, vans, pickup trucks, panel trucks and similar vehicles are not required to file Form 2290. Trucks that are used for 5,000 miles or less (7,500 for farm trucks) are also excluded from this tax.
International Fuel Tax Agreement (IFTA)
IFTA-100 & IFTA-101 or MT-903-FUT. Everyone who holds a license under the International Tax agreement Act is required to file those forms quarterly even if no fuel tax is due. The following vehicles are subject to New York fuel use tax.
a) Motor vehicles that have two axles and a gross vehicle weight or registered gross vehicle weight exceeding 26,000 pounds
b) Motor vehicles that have three or more axles regardless of weight
c) Motor vehicles that are used in combination, when the weight of such combination exceeds 26,000 pounds gross vehicle weight.
Highway Use Tax Return (HUT)
This is also referred to as the "Truck Mileage Tax". MT903 is use to report the total miles your heavy vehicle traveled in the state of New York. It must be filed monthly if the tax liability is more than $4,000 or annually if the tax liability is $250 or less.
How to send us your tax information
We prepare the end of year or final Federal & State tax returns. Some of our clients bring their documents to the office while those who live in other states send us their documents by Fax, UPS, FEDEX, or Post office (USPS). New clients must get our permission from us before they send their documents to us.