If you are operating a business which relies on heavy transportation then you would without doubt might heard of the Form 2290. The IRS Form 2290 is an important tax instrument which is used for collecting information about your truck(s) and file tax on them. As a truck operator, you can use this form for filing your heavy vehicle taxes on a single truck or an entire fleet. While the main purpose of this form is to help you file your taxes on time and properly, it also acts as a proof of payment with the Department of Motor Vehicles which can restrict the registration of your vehicle(s) should it not receive confirmation that you have paid your dues.
Finally, receipts collected on these forms are used to finance various public highway projects and also maintain them properly. In fact, the Form 2290 plays a pivotal role in helping the IRS operate and maintain the roads of this nation.
What Is IRS Form 2290?
The IRS’s Form 2290 is an excise tax which is levied on heavy vehicles which operate on public highways. If a vehicle weighs more than 55,000 pounds and will be used for more than 5,000 miles, it will need to be filed with the IRS via Form 2290.
How The Form 2290 Works?
The IRS Form 2290 itself is broken down into two parts – the Form itself and Schedule 1 which needs to be stamped by the IRS before you can register your vehicle with the DMV. You are required to fill in your vehicle, personal and your business information in the form and file it to the IRS which then verifies the information and returns a stamped Schedule 1 back to you. Remember that the tax year as far as the Form 2290 is concerned is not the same as the calendar year and lasts from July 1 to June 30.
The Easiest Way for Filing Form 2290
While regularly you can file your Form 2290 using postal mail, these days the IRS has made their e-filing services available for everyone which makes filing Form 2290 a breeze. E-Filing allows you to file your Form 2290 with the IRS through a web portal; the process is simple and extremely easy. Besides helping you save time in both filing Form 2290, the IRS also returns you your Schedule 1 stamped within a few minutes of you having submitted your Form as against a few days which is the case of regular postal service. You can also save your own, your business’s and your vehicle’s profile online complete with their weight and every other relevant information which makes organizing your taxes effortless. Finally, if you accidentally make a mistake or need to change some information on your Form, you simply have to log in, make the required amendments and submit the new form; the IRS will receive the information immediately and send you the revised Schedule 1.
With online tax payment, filing Form 2290 becomes easy so give it a try; in fact if you are running a big trucking operation with over 25 trucks, then you are required by the IRS to use their e-filing service.
What is IRS Form 2290?
IRS form 2290 can be described as a tax on heavy roadway motor vehicles, which weigh 55000 pounds or more. The tax can be paid online using the irs form 2290 e file. The tax called Heavy Vehicle Use Tax or HVUT is applicable on trucks, buses, etc. The best way is to pay online using the form 2290 electronic filling facility. As these heavy vehicles damages roads while plying, they have to pay the HVUT to the authorities towards the maintenance of the roads. The tax applies to all vehicles with more than 55000 pounds and to the vehicles belonging to the following: The Federal Government, The American Red Cross, Tribal government related functions, Rescue teams and many more.
Why Form 2990 is used?
IRS Form 2290 is destined to deliver the information regarding the utilization of a truck that runs on a commercial basis and give taxes on that usage to the IRS. This form can also be used for filing a single truck, or approx 25 vehicles are accounted on one form. The main motives for this form filling consist of:
- Paying and calculating the taxes that is due for Heavy Highway Vehicles
- Claiming a delay in tax for motor vehicles driven under 5,000 miles throughout the relevant period (or 7,500 miles when used as agricultural purpose)
- Claiming an acclaim for a destroyed, sold or stolen vehicle
When To File?
It is essential that this form be filed yearly for each chargeable vehicle that is used on public highways throughout the tax year. The tax year started on July 1st and ends on June 30th. A Form 2290 must also be filed when a vehicle is placed in service. The owed date for that is the last day of the subsequent month. For instance: if a vehicle is placed in service on January 5th, the Form 2290 will be due on February 28th.
How to E file irs Form 2290?
· E-filing requirements
Have in hands your EIN (Employee Identification Number). If you don’t have one, the IRS allows you to apply for one and takes two weeks to furnish the same. Also, take note of the VIN (Vehicle Identification Number) of all vehicles that you are going to file your returns for and have handy the other heavy vehicle related information like gross weight etc.
· Process of irs form 2290 e file
The majority of people will rather file their forms online to avoid standing in very long lines in government offices. The Internal Revenue Service webpage needs the files available for download and you could simply fill in the information required on the web. Main prerequisites include the employer’s identification number, VIN or Vehicle Identification Number and gross weight of the vehicle. The average weight the vehicle bears everyday can also be included in filling out the weight requirement. Social security number works the same with your company’s identification number.
· Benefits of e-filing
The major benefits of e-filing of IRS Form 2990 are as follows:
- You can have an accurate filing with less that 1% chance of errors.
- Your financial and personal information is protected as it is sent to the IRS through encrypted data. So no more uncertainties of your information going to the incorrect hands.
- Save money, energy and time by going paperless. Give your muscles and hands some rest.
- Quicker Refund!
- Get an approval receipt on submitting and completing your tax returns.
- Twice check by the software itself if any detail is not there, therefore it is even more perfect.
- Here’s a Brief Explanation on the Concepts of 2290 IRS Tax Form
- Paying Heavy Vehicle Use Tax – Why 2290 Tax Online is the Way to Go?