As a taxable truck owner, it’s very necessary to know about form 2290 filing. Form 2290 is a tax document available from the Internal Revenue Service (IRS) for paying Heavy Vehicle Use Tax (HVUT) federal taxes. Taxable trucks with a gross weight of 55,000 pounds or more, and truckers who drive heavy vehicles on public roads in the United States with a mileage of 5,000 miles (7,500 miles for agricultural vehicles) or more during the tax year, must file an IRS 2290 tax form.
Table of contents
- Why is Form 2290 required for heavy truckers?
- When to File Form 2290 with the IRS?
- Required Information to File Form 2290
- IRS 2290 Payment Methods:
- IRS Penalty Rates
- E-file Form 2290
Why is Form 2290 required for heavy truckers?
By submitting E-File Form 2290 the IRS accepts tax payments from heavy truckers. After the IRS processes their form 2290 application, truckers will receive the IRS Schedule 1 payment proof of HVUT payments. Schedule 1 helps truckers drive taxable vehicles on public highways hassle-free.
When to File Form 2290 with the IRS?
According to the IRS, every tax year begins on July 1st and ends on June 30th of the following year. Thus, every year, truckers have to file the HVUT tax returns during the filing season of July 1st to August 31st.
Truckers who want to acquire a heavy vehicle in a month other than July must file IRS tax returns by the last day of the month following the month of first use (FUM).
For example, Mr. Gill purchased a vehicle in October and used it on public roads in January. Then he needs to file the 2290 tax form on the final day of February.
Required Information to File Form 2290
Truckers need to have the following information during the filing process of heavy vehicle use tax returns (HVUT).
Business Details:
- Name
- Address
- Employer Identification Number (EIN)
Vehicle Information:
- Vehicle Identification Number (VIN)
- Taxable Gross Weight.
- First Used Month (FUM)
- Suspended vehicles (if any)
IRS 2290 Payment Methods:
The IRS allows HVUT tax returns with the following payment methods:
- Electronic Funds Withdrawal (EFW)
- Electronic Federal Tax Payment System (EFTPS)
- Check or Money Order
- Debit or credit card
Truckers must pay the accurate tax amount. Otherwise, the tax returns will be cancelled and the truckers will be penalized.
IRS Penalty Rates
Generally, the IRS imposes penalties for truckers who don’t file IRS tax form 2290 within the deadline. Usually, the penalty rates of the IRS will be high and harsh. We mentioned the IRS penalty rates for you here.
- 4.5% of the total tax amount due
- Extra 0.5 percent penalty
- 0.54 percent interest charges
E-file Form 2290
An e-file is nothing but an online filing. The IRS recommends that every trucker should submit form 2290. But the filing process differs for various filing methods. Truckers can file the IRS 2290 Form in offline mode or online mode.
The online mode is the quickest way compared to the offline mode. Online filing is nothing but an electronic filing over the internet. Truckers can reduce the additional time they face in offline mode by filing online. And they can access their IRS Schedule 1 proof from anywhere online.
Additionally, you are allowed to submit your rejected documents again numerous times.
There is a chance for free VIN corrections for previous files through online mode.
When you’re filing online, it automatically corrects your errors on form 2290.
This is the smart way to get the IRS Schedule 1 payment proof in minutes.