How Many Times Do I Need to File Form 2290?
Are you an owner of the trucking industry? Wondering how many times do you need to file Form 2290? As an owner of a heavy vehicle, you need to file a 2290 Tax Form with the IRS for using new or existing trucks on public roads.
Getting tensed? Don’t worry! We will let you know how many times you need to file a 229o Tax return to the IRS. Furthermore, we provide a handy guide about the circumstances to file tax returns to the IRS.
When do you File Form 2290 with the IRS?
Generally, any truck driver or owner must file a 2290 Tax Return with the IRS and pay HVUT to maintain public roads. The circumstances to file 2290 HVUT return with the IRS discussed below:
Newly purchased vehicles
Truck owners who purchase a new taxable vehicle need to file Form 2290 in advance to operate the business on public highways.
Suspended vehicles
Individuals who operate business or trade using suspended vehicles like busses, pickup trucks, etc required to file Form 2290 to use public roads.
Already existing vehicle
A trucker who operates a business using heavy vehicles within the United States must file Form 2290 every tax year to use public highways for transportation.
Can you add a new truck to the existing Form 2290?
As per the IRS, if you receive 2290 Schedule 1 for the previous vehicle, then you can’t add a new truck to the existing one. Furthermore, you need to file a new IRS Form 2290 with the new vehicle details. Suppose, if you provide the previous vehicle details on 2290 Form, then it may lead to overpaying tax dues. This means you’ll pay HVUT twice for the same vehicle. So, make sure to provide new vehicle information and file 2290 returns to the IRS by the last date of the following month of purchase.
For instance, if you brought a new vehicle on April 3rd, 2021, then you need to file a 2290 Tax return by May 31st, 2021.
If you buy another vehicle after e-filing 2290 return for the current period, do you need to file the first 2290 again and add a new truck?
No, you’re not required to e-file 2290 again for the previously filed HVUT return. Furthermore, you can’t add a new truck to the already existing one. If you buy another vehicle, then you must file a 2290 tax return with the new vehicle details.
For example, if you purchased two trucks one in April and the other in May, then you can file 2290 tax retrun with the two truck details. According to the IRS, the trucker can file an HVUT return by the last date of FUM of the vehicle. For the first truck, the due date to file 2290 Tax form is May 31st. The second truck’s Excise tax is due to the IRS by June 31st. So, the trucker can file Federal Form 2290 by May 31st by adding a new truck to the already existing one.
If I purchase a second-hand truck, do I need to file HVUT 2290 return?
Yes, you need to file Form 2290 and pay truck tax even if you purchase a second-hand truck. In general, purchasing a second-hand truck doesn’t transfer truck taxes from one vehicle owner to other. Furthermore, you will have to file a 2290 Tax Form separately with your business information. Additionally, you need to pay truck taxes as per the taxable gross weight of the vehicle. An individual who sells a heavy vehicle after paying HVUT by filing Form 2290 can claim a credit against truck tax paid. Due to this reason, the IRS enforces the buyer to file Form 2290 and pay road tax to carry out business on national highways within the US.
What happens if you don’t file 2290 return?
If you didn’t file a 2290 tax return to the IRS, you may get penalize along with additional interest charges. The two most common reasons why you may be penalized described below:
Failing to pay or file tax returns within the due date
According to the IRS, you need to file a 2290 Tax Form for the newly purchased vehicles by the last day of the following month of FUM. To operate a business on public roads every tax year you must file HVUT return by August 31st annually.
Filing fraudulent returns
The IRS imposes heavy and hefty penalties if you file false 2290 returns. Furthermore, you may have chances to get prisoned.
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