Form 2290 for the IRS needs to be filed for all people who own trucks that weighs over 55000 pounds and use the US highways for at least 5000 miles per year. The IRS 2290 tax needs to be filed from 1st July every year. The United States of America has one of the most complex highways in the world. The roads are constantly under the pressure of heavy trucks as well as bad weather. These factors lead to a lot of damage and repairs become necessary. The form 2290 exists for this very reason; the tax money is transferred to service contractors who deal with repairs throughout the year. Failing to file the tax only leads to more complications and hefty fines.
Requesting credit from the IRS
You may request a credit from the IRS against your form 2290 that you have filed for the following reasons. For vehicles that were destroyed, sold or stolen before June 1. A credit can be claimed for the tax paid against the next Form 2290. To claim this you need to fill Form 8849 of the IRS. For vehicles that were used for less than 5,000 miles during the taxable period a credit of tax can be paid from the first Form 2290 in the next tax window. A complete refund of money cannot be claimed, all taxes can only be forwarded to the subsequent tax periods. Keep a receipt of the form 8849 with your driver at all times.
A credit cannot be claimed before the end of the Form 2290 tax period. If you are claiming credit in the month of August in 2015, you will have to wait until 1st July 2016 when the next tax window opens to initiate your claim. However, the form must be filled before June 30, 2016 if you have any claims.
Do note that you should file for credit only if you genuinely are eligible to receive credit due to valid reasons. Many people try to bend the laws to evade taxes, and if you are caught you may be held responsible leading to fines or imprisonment or both. File the paperwork properly and keep everything organized.
There are far easier ways to initiate claims against the IRS. One of them is to use the help of online service providers who take care of all IRS 2290 paperwork and ensure all claims for your credit are placed on time. You will not have to worry about forgetting dates or missing any paperwork as these agencies take complete responsibility and you can rest assured that you will get your credit forwarded to the next tax window. Requesting credit from the IRS is a long process and an online service provider saves you from all the hard work and paperwork. Every single procedure can be completed directly at home, saving the time and effort needed to go to the IRS office and standing in a queue for hours just to get your credit claim. E-file Your 2290 Form Now http://www.Etax2290.com
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?