A quick glance at form 2290
A quick glance at form 2290 Uncover everything you need to know about form 2290 due date, filing criteria and more. A Guide by eForm2290.com A quick glance at form 2290 Truckers, trucking businesses, and owner-operators need to file IRS form 2290 and pay the Heavy Highway Vehicle Use Tax if their truck weighs 55,000 pounds or more and has travelled more than 5,000 miles in a given tax period. All truckers and trucking businesses that fall under the HVUT tax bracket need to file their form 2290 and pay HVUT tax before the due date of August 31st every year to avoid penalty. Moreover, without paying the tax, you will not be able to update your vehicle registration and tag at the local DMV. Why should I file form 2290? The IRS collects HVUT as a form of heavy vehicle road tax. The upkeep and maintenance of American highways use these funds. So, if you are using your heavy vehicle on these roads, you are bound to file form 2290 before the due date. Besides this, the IRS will penalize you if you fail to file form 2290 on time. Therefore it's ideal that you file your form 2290 before the due date. You must file form 2290 to receive your IRS watermarked Schedule 1 which acts as a proof of payment while updating your vehicle registration and tag at the DMV. Tax evasion is punishable by law. You could face suspension of your CDL and could even be prosecuted. Moreover, the IRS imposes hefty penalties for those who fail to file their tax on time. What is the due date for filing form 2290? The due date for filing form 2290 is August 31st of every year. The tax year begins on July 1st and ends on June 30th of the next year. The IRS officially starts accepting 2290 returns in July. For vehicles purchased in any month other than July, the due date depends on the first used month of the vehicle. For example, if you purchased your vehicle on September 1st, you need to file your form 2290 and pay your HVUT tax by October 31st of the same year. How do I file form 2290? There are mainly two ways in which you can file your form 2290. You can either choose paper filing or electronic filing (e-filing). ● Paper Filing - Paper filing your form 2290 is a time-consuming process. You need to visit the IRS office and get a copy of form 2290 and fill out all the necessary details. Once the IRS officer verifies the details, you will receive your IRS schedule 1 copy within 5-45 days. ● E-Filing - E-filing your form 2290 is easy compared to paper filing. You need to find an IRS authorized e-filing agency to start filing. You then need to sign up by providing basic details such as business name, EIN, VIN, Gross Weight, and more. Once you make the payment and file your form, you will receive your IRS schedule 1 copy within minutes. For more instruction on form 2290 filing, visit eForm2290.com/instructions/ .
Comments