Did you purchase a truck in the starting month of May? Then you need to file Form 2290 by the ending month of June. As per the IRS, Form 2290 deadline is different for newly purchased vehicles and already existing vehicles.
Getting Confused? Don’t worry! We will let you know how to figure out your Form 2290 deadline. Furthermore, we provide the information required to file a tax return within the deadline.
When Does IRS Form 2290 Tax Season Begin?
2290 Tax season is the major factor to consider when you’re trying to figure out your Form 2290 deadline. Apart from other business income tax years, the 2290 Tax Season begins from July 1st and ends by June 30th of the following year. If you’re filing Form 2290 for the existing truck, then your 2290 deadline will be two months after the end of the current tax season i.e., August 31st. Furthermore, the IRS opens its gateway from July 1st and starts accepting 2290 returns submitted for the following tax year. This means the trucker can file the tax returns from July 1st to August 31st for the following tax year.
IRS Form 2290 Deadline for Newly Purchased Vehicles
As per the IRS guidelines, the due date to file 2290 returns for newly purchased vehicles and already existing vehicles are different. When you start using a new truck in the middle of the tax period, you’re not required to wait until the August 31st deadline to file HVUT returns. Moreover, you need to file 2290 Tax Form by the last date of the following month of First Use Month. FUM of the vehicle is the month in which the vehicle started using the public highways within the US. So, for instance, if you started using a new truck in May 2021, then you need to file Form 2290 by June 30th, 2021. For the following year, the deadline to submit the HVUT return form to the IRS is August 31st along with everyone else.
What Information Do You Need to File 2290 Form by the Due Date?
In general, to file IRS 2290 Tax Form by the due date, you need to gather the following information:
Make sure to apply for EIN beforehand i.e., 2 or 3 weeks before you start filing 2290 tax return. Provide valid business information that matches the information provided in the EIN. Otherwise, the IRS may reject your return. Double-check the name, EIN, and address before transmitting to the IRS.
VIN, gross weight of the vehicle, and FUM of the vehicle are the mandatory vehicle information required to file 2290 Form. The gross weight of the vehicle helps in estimating how much you owe to the IRS. VIN helps to identify the vehicle when it is stolen or destroyed. FUM of the vehicle helps in determining.
Type of return
Be sure to choose the correct type of return you’re filing with the IRS. For example, if you’re correcting VIN on the previous 2290 Form choose VIN correction.
Suspended vehicle details
If you’re filing a 2290 Tax Form under the suspension category select the mileage category and provide the Vehicle Identification Number.
Paid preparer details
When you’re filing a 2290 Form for your client as a tax professional, you need to provide your Firm name, EIN, address, PTIN, etc.
Why Choose E-Filing Form 2290?
E-filing helps in preventing last-minute errors on Form 2290. As we know, most truckers file 2290 Forms in a hurry. This leads to committing errors like incorrect EIN, VIN, gross weight, etc. In some cases, the trucker may have chances to pay taxes twice for the same vehicle. Furthermore, if you submit paper forms at last minute the last-minute it takes nearly 2-3 weeks to reach the IRS offices. The IRS considers it as late filing and may impose penalties. Moreover, you’ll receive HVUT payment proof 4-6 weeks after submitting the tax returns to the IRS. So, online filing tax returns help the truckers to transmit 2290 returns to the IRS in minutes. Additionally, you’ll receive 2290 Schedule 1 immediately after the IRS accepting the tax returns.
What if You File Form 2290 and Pay HVUT Late?
Late filing and late HVUT payments result in HVUT penalties along with interests. The penalties are charged per 2290 Tax form submitted in a tax period. So, avoid penalties by pre-filing IRS Form 2290. Pre-filing enables the truckers to submit tax returns one month before the IRS starts accepting 2290 returns. Additionally, you’ll have nearly two months to pay truck taxes to the IRS.
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