Tax, it's not a dirty four letter word, but for many of us its connotations are far worse than any curse. It's been found that high tax rates generally relate to outstanding social services and high standards of living. Developed countries, where the tax rate exceeds 40%, usually have free health care, free education, systems to care for the elderly and a higher life expectancy than those with lower tax rates.
The best method for doing this is through the use of e-forms. These are now easily available on relevant websites. One such form is the 2290. Filling out the form is essential if you operate trucks on public roads. To ensure a quick filing of the necessary forms, there is now a facility for form 2290 tax form electronic filing.
Next is the income section which for most people consists of wages and possibly interest income. Other Form 2290 online of income that are common are rental income, IRA or pension distributions, dividends, and unemployment. Also, if you itemize your state refund is taxable and if you have any business income. Business income requires filing a Schedule C., so you'll have to figure out the income and expenses for the business separately and enter them on Schedule C. Wages are reported to you on a W2 and a lot of the other types of income are reported on 1099's so watch for these in the mail. W2's are due to you by the end of January and 1099's should be mailed by the end of February.
So, what would be your response, apart from thinking "what an absurd contract"? Well, part of you wants to win because that's the competitive nature of the sport, and the main reason you're involved. However, because of the financial penalties for winning, you'll always be mindful of the fact that if you're too successful, then you'll only receive a small percentage of your earnings - after the success tax has been deducted.
Being self-employed, you also need to pay "estimated taxes". Earnings from self-employment that are not subject to withholding tax will be Heavy highway use tax charged an "estimated tax" in which you have to pay the IRS heavy vehicle tax quarterly and if you fail to to do so, you will be subjected to penalties at the end of the tax year because of underpayment.
More discounts on hybrid cars are already being seen. The reasons I see for this are 1) federal tax credits are lapsing, 2) production costs are coming down, 3) there's more competition, 4) sales goals are still high, and getting higher, and 5) inventory is up.
"It's better late than sorry." Plan extra time and arrive safely. Take breaks for 15 to 20 minutes every few hours and stretch your legs. Don't forget to drink plenty of fluids. Don't eat and run. Take a walk after eating to get your blood flowing.