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.