Trucking is one such industry that runs throughout the year, without a break. You will be able to notice heavy rigs on the highway round the clock and that proves how dedicated truckers are. Adding up to the busy schedule, taxes form a major part of their lives. If your vehicle weighs more than 55,000 pounds, you are liable to file form 2290 and pay your dues by the due date. The tax season starts by July 1st of the calendar year and ends by August 31st of the same year, which means you have two months to file your tax based on the weight of the truck. However, if you have taken your vehicle out for the first time any time before or after the tax season, you are liable to file and pay the prorated tax by the end of the second month of the first use. For example, if you have taken your vehicle out in the month of October, you are liable to pay the dues based on the weight of the truck by the end of November. And if you fail to do so, interest and penalties would tag along your return. However, if your vehicle is likely not to cross more than 5,000 miles that taxation year, your vehicle falls under the category of suspended vehicles. You don’t have to pay tax for these vehicles, however, you are liable to file form 2290 and report IRS about your suspension. |
If you are wondering how do you file your return, we are here to solve the puzzle.
There are two methods to file form 2290. One is paper filing and the other method is efiling. Paper filing is the initial method introduced. This method consumes most of your time and you are likely to receive your schedule 1 copy in 5-45 days. Whereas, if you choose efiling as your method of filing your tax form 2290 return, you stay on the safer grounds. There is no as such time limitation implemented for filing form 2290 and you will receive your schedule 1 copy in minutes once your return is transmitted to IRS. However, here today, we are going to talk about the pros and cons of each method for your better understanding.
Disadvantage of paper filing:
• Maintenance of data for future usage is tedious • Opting for paper filing is not eco-friendly • Errors and miscalculation will always be a part of your tax • The return filling process is really slow with paper filling • Receiving your schedule 1 copy would delay • No human assistances for your form 2290
However, these disadvantages can be overcome with online filing:
• Maintain your data with ease and access to it anytime • Eco friendly and paper free • No room for errors and miscalculations • Get your tax calculated through the application • Processing time of the return is only minutes • Receive your schedule 1 copy in minutes • Ask for assistance any time while filing • No more errors to check • Text Alert and Fax copy is an add on feature
What is your take on the above pros and cons? Which is the method you are comfortable with? We always advise our taxpayers to file and pay their dues online through Tax2290.com. You can enjoy services like Text alert and Fax copy for your filed return. Additionally, you can save up time and cut short your trips to IRS office. We know how tedious it can grow.
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