So truckers, today we are going to talk about form 2290, the application through which we can file Heavy Vehicle Used Tax. The tax is calculated based upon the weight of the truck, i.e. 55,000 pounds or more. If your vehicle weighs more than the standardized weight, you have to file HVUT on or before the due date. However, do note if your vehicle does not travel more than 5,000 miles, you don’t have to pay taxes to IRS. You need to file form 2290 and keep IRS informed about the same. It is believed that these heavy trucks cause most of the damage to the road and the tax collected through the form is directly invested in the maintenance. |
When Do You Have To File Form 2290?
Usually, the tax season begins from July 1st to August 31st of the calendar year. Every heavy vehicle should file form 2290 based on the weight of the truck by the end of the due date. If you fail to do so, you are liable to file your return with penalties and interest.
Also, if you have taken your vehicle out for the first time before or after the tax season, you need to file form 2290 on or before the second month of the first use. For example, if you have taken your vehicle out on the month of October, you are liable to file HVUT on or before 30th of November 2014. If you miss to file by the due date, you need to face the consequences.
And if your vehicle does not cross more than 5,000 miles a year, you are categorized as suspended vehicles. In this category, you don’t have to pay anything taxes, however, you need to keep IRS informed about the same. If you are wondering, how you do file your return, we have two options for you. One is online filing and the other is paper filing. We all know paper filing is the traditional method followed since taxes were introduced. With the passing time, efiling was the method commenced, to cut short the workload and save time.
With every process has its own pros and cons, efiling has its own set of advantages. Keep following, we have loads to tell you about:
• Save time, energy and paper. • Get your taxes calculated accurately • One time registration is the methodology • Eliminate rejection of the form • No more late filing • Receive your schedule 1 copy • Avoid the virtual traffic jams. • Full time customer support by our Tax Experts
How Efiling Can Helps Us With Schedule 1 Copy?
Schedule 1 copy is an acknowledgement receipt that you receive from IRS once your return is accepted. If you opt for paper filing, you are likely to receive your schedule 1 in 5-45 days and if you efile form 2290, you will have the proof of payment in hand in just minutes with IRS stamp watermarked.
Advantages of Schedule 1 copy:
• Report IRS about vehicles you own through VIN (Vehicle Identification Number) • A proof of payment to register/ renew your vehicle with the states • To run your vehicle legally on public highway If you are efiling, your schedule 1 copy is accessible online through the registered account at your efiling service provider. So what is holding you back? Come over and efile form 2290 with Tax2290.com now! Stay beneficial, stay updated.
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