Are you ready for the truck tax season 2021-22? Have you begun to e-file Form the 2290s? If “No”, then hurry up the IRS will start accepting 2290 returns from the first week of July 2021. Reduce the risk of tedious tax calculations and stress of filing tax returns by opting for e-filing with an IRS-trusted e-file provider.
Getting confused? Before proceeding to file HVUT returns, we will let you know the step-by-step process for a successful 2290 tax filing season. So, as a busy trucker remember to file tax returns before the due dates.
When are 2290 Tax Forms due to the IRS?
Generally, every truck owner is responsible to file Form 2290s with the IRS annually. So, every year 2290 tax season begins from July 1st and ends by June 30th of the following year. Furthermore, truckers must be aware that August 31st is the deadline to pay road taxes and file HVUT returns every calendar year. Apart from these, if you’ve newly purchased a heavy vehicle that is taxable, then you must file 2290 returns by the last date of the following month of use. So, truckers must remember these two deadlines to file tax returns and pay Highway taxes with the IRS every calendar year. Moreover, if the due date falls on a Saturday, Sunday, or a legal holiday, file 2290 form immediately on the next business day.
How to file Form 2290s with the IRS?
There are two different ways to file 2290 Forms with the IRS. You can manually fill out the information on 2290 paper forms and mail it to the IRS. Or else, you can e-file HVUT returns with an IRS-trusted e-file provider. Though there is a manual filing process, the IRS advises every truck owner to choose e-file even for submitting a single tax return. E-filing is more accurate and helps in tracking the progress than the manual process. Online filing requires one-time registration for multiple filing purposes.
What you need to know about e-filing IRS Form 2290?
According to the IRS rules and regulations, a trucker must choose to e-file an HVUT return when filing more than 25 tax returns for a tax period. When you’re e-filing Form 2290 choose an IRS authorized e-file provider like Form 2290 Filing. Next, gather the required information beforehand to file HVUT returns online. This includes business information, vehicle information, etc. EIN and VIN play an important role when filing tax returns. So, ensure to provide a valid business name that matches with the EIN, VIN, tax year, gross weight of the vehicle. Once you’ve all this mandatory information, you can e-file 2290s and submit the tax forms directly to the IRS. The IRS sends back the schedule 1 copy.
When to file 2290 amendment returns?
Truckers report the changes that occur on the previously filed Form 2290 by filing “2290 amendment return”. You can also file an amendment return for the following circumstances:
- Correct Vehicle Identification Number entered wrong using VIN correction.
- Report the suspended vehicle and pay truck tax when the vehicle exceeds 5,000 miles.
- Increase in taxable gross weight of the heavy vehicle.
The key date to file the amendment return form is the last date of the following month of change. For instance, if you’ve filed Form 2290 under the suspension category on January 1st, 2021. In the month of May, the vehicle exceeded the mileage limit. So, the due date to file 2290 amendment return is “June 30th, 2021”.
How do you avert 2290 penalties?
As we know, 2290 penalties are imposed mainly due to late filing or fraudulent filing tax returns, not paying truck taxes on time, etc. In the same way, the possibilities of averting penalties and interests are high for first-time filers. By filing penalty relief and explaining the reason for the cause to the IRS HVUT penalties can be waived off. On the other hand, the best way to avoid penalties is by filing 2290 Tax Forms within the due date with correct information.
Ready to e-file? Then choose Form 2290 Filing. We are an IRS-trusted e-file provider. Choose us to submit 2290 tax returns 100% accurately and hassle-freely. Register for free and pay only when you submit tax returns with us.