As a trucker, you are liable to pay Heavy Vehicle Use Tax (HVUT) if you own and operate a heavy vehicle weighing 55,000 pounds or more. You also need to file form 2290, which is an IRS tax form.
This 2290 tax form goes by many names, such as heavy highway tax, truck tax and many more. You can file IRS form 2290 online, and upon successful completion, you will receive an IRS Schedule 1 copy, which will act as proof of the tax payment.
Filing your form 2290 can be confusing and stressful; being aware of the dos and don’ts will help you out in your filing process and ensure a seamless filing experience.
Dos of E-filing form 2290
- Pre-file: It is always recommended to pre-file your IRS form 2290. This will relieve you from last-minute filing stress and help you avoid any errors and mistakes.
- Maintain your tax records: It is always advised to keep your tax records, including mileage and other related information. This will help you file with ease and make it easier for you to submit any documents if the need arises in the future to substantiate any claim.
- Know about your vehicle: As a trucker, you need to know certain vehicle details like VIN and gross vehicle weight to fill the form 2290 accurately.
- Double-check the details: When you double-check the information before submitting your form, you avoid any errors that could lead to IRS rejections. This way, you ensure the successful filing of your form 2290.
Don’ts of E-filing Form 2290
- Avoid last-minute filing: To avoid the last-minute rush, it is always advised to file early. There are chances that the IRS may reject your form 2290, and due to this, you may miss the form 2290 deadline.
- Don’t estimate: Sometimes, the truckers guess the gross weight of their vehicle and end up paying more tax than the actual amount. So, make sure you calculate it properly before filing.
- Don’t file immediately with a new EIN: It will take anywhere between one to five weeks for your new EIN to get registered in the IRS database (1). If you file before that, the IRS will reject your form 2290. So ensure you apply for EIN weeks ahead before you have to file.
You can file form 2290 both manually and online. For manual filing, you have to fill out the form and mail it to the IRS office. Post verification, you will receive Schedule copy 1 within 6 weeks.
If you choose to file online, you can visit any trusted IRS authorized e-file service provider. With e-filing, you will receive Schedule copy 1 instantly. E-filing is considered the best way to file form 2290 tax as it is convenient, and you get your Form 2290 Schedule 1 copy almost immediately.
In Conclusion
As responsible citizens of the country, one must keep themselves updated and pay the tax on time to avoid any obstacles in the future. We hope the above information will help you file your form 2290 with ease.