| Initial Underwriting Group | | | | Claiming any depreciation method under the Modified |
| *Breaking Down the Barriers to Small Business | | | | Accelerated Cost Recovery System (MACRS) |
| Financing* | | | | Claiming a Section 179 deduction for the vehicle |
| | | | | The vehicle is used for hire |
| | | | | There are more than four vehicles used simultaneously |
| | 614.231.3519 | | | | | Individuals and businesses with 25 or more tractors, |
| | | | | trucks or other vehicles used on highways need to |
| IRS Tax Information for Business Vehicles | | | | take note of the change in how they make their |
| The Internal Revenue Service (IRS) offers a section | | | | excise tax filings. They must now make these filings |
| on its website ( for business with valuable information | | | | electronically with the IRS electronically, rather than by |
| on how to prepare for and file business taxes. The | | | | paper. The form that is used is called the Heavy |
| website provides articles on the latest updates in the | | | | Vehicle Use Tax Return, Form 2290. It is used to |
| tax laws that can make a difference in what you can | | | | make a report and payment on highway-use excise |
| claim as a business deduction. | | | | taxes. In 2008 trucking companies filed more than |
| | | | | 700,000 of these forms and paid out more than $1 |
| Changes in Tax Laws | | | | billion in federal highway use taxes. |
| The changes in the tax laws tend to reflect the | | | | Using the electronic filing system means gives |
| current economic situation and impact how much | | | | taxpayers the advantage of not needing to wait for a |
| money you will get back on your business tax refund. | | | | stamped paper version of the Schedule of Heavy |
| For example, some of the changes beginning 2009 are | | | | Highway Vehicles since they receive an electronic |
| as follows: | | | | equivalent instantly. Truckers won't have to wait any |
| The standard mileage rate for the use of a car, van, | | | | more to register their vehicles with the state. |
| pickup or panel truck is 55 cents for business miles | | | | Choose an Approved Provider |
| driven. The 2009 mileage rates are intended to cover | | | | Taxpayers need to be aware of the fact they must |
| generally higher transportation costs compared to | | | | chose an approved transmitter/software provider for |
| 2008 and the reversal of the spike in gasoline prices. | | | | Form 2290. A list of approved providers can be |
| Taxpayers have the option of calculating the actual | | | | obtained from the IRS website. Many of the other |
| costs of operating the vehicle rather than using the | | | | forms used for business vehicles can also be filed |
| standard mileage rates. The business standard mileage | | | | electronically, saving time and money for business |
| rates cannot be applied when: | | | | owners. |