Why Does the Trucker File Form 2290? Are you an owner of a trucking industry? You need to file a 2290 Tax Form to the IRS to operate a trucking business on public roads. Additionally, pay the truck taxes for maintaining convenient transportation. Otherwise, you may get penalized, or prisoned, or your vehicles may be suspended.
Getting tensed? Don’t worry! We will let you know why do the truckers file the Heavy Vehicle Use Tax Form. We also provide information about why to file Form 2290 every year and carry to use highways. You’ll also get to know about the methods to pay road taxes and the convenience of e-filing.
What is an IRS Form 2290 for truckers?
The truckers tax Form 2290 is a Federal Excise Tax Return used to report the taxes paid on using heavy vehicles on national highways within the US. As we know, most of the individual carry out business or trade using heavy vehicles in the United States. Due to an increase in heavy vehicle transportation, the IRS has introduced truck taxes to maintain highways. Hence, the HVUTs paid for operating trade using heavy vehicles for a tax period can be reported on “IRS Form 2290”. For example, Smith has purchased a truck weighing 65,000 pounds. He tends to drive it on public highways for over 5,000 miles in a tax year. So, smith must file a 2290 Tax Form and report the truck taxes to the IRS.
Do I have to file IRS 2290 every year?
If you’re an owner of the trucking industry and operate a business using commercial, agricultural, or logging vehicles, you need to file the form. According to the IRS, the 2290 Form is an annual tax return filed by the individual who operates a business using heavy vehicles over 55,000 pounds every year. However, 2290 truck tax season begins from July 1st of the current tax period and ends by June 30th of the following year. every tax year, the truck owner must file HVUT returns with the IRS by “August 31st”. Additionally, the trucker must pay truck taxes in advance. Moreover, if the truck owner purchases a new vehicle in the middle of the tax period, then 2290 returns are due to the IRS by the last day of the following month of use. So, when the tax season begins, ensure to check these two deadlines’ information to avoid unwanted penalties.
What do you need to provide to use 2290 vehicles on public highways?
To use 2290 heavy vehicles on the United States national highway, the trucker must provide a copy of “Schedule 1”. As we know, schedule 1 acts a proof of HVUT payment. Therefore, HVUT payment proof can be obtained by filing 2290 Tax Form. This means the trucker needs to carry the proof of truck tax payment whenever they use US public roads for trade or business. On the other hand, Canadian or Mexican vehicles must show schedule 1 to enter into the United States Highways. Hence, to use any taxable vehicle on public highways “Schedule 1” is necessary.
How do you pay taxes on 2290 Form?
The IRS offers several ways to the trucker to pay road taxes. They include EFW, EFTPS, credit/debit, and check or money order. Among all of them, the most preferred way to submit taxes online to the IRS is through “EFW”. Furthermore, if you choose this method, the taxes can be paid when filing the tax return without any additional steps. For EFTPS, the filer is responsible to schedule the tax payment after e-filing the HVUT return. Besides, the trucker must ensure to schedule the payment one day before the deadline to avoid penalties. On the other hand, the IRS has started accepting payments through credit/debit cards. So, you can choose this method by providing credit card details. Finally, even if you file online, you can pay taxes through check or money order. Make sure to select this option when Form 2290 Filing online. Automatically a payment voucher will be generated attach the check along with the payment voucher and submit it to the IRS.
Can I File Form 2290 Online?
Yes, you can file IRS 2290 Form online. As per the IRS norms, truckers must choose e-filing when filing 25 or more tax returns for a calendar year. It also recommends every trucker choose e-filing for submitting a single tax return in a tax period. On the other hand, paper filing 2290 Forms is possible when filing less than 25 tax returns for a tax year. So, if you’re operating a business using a fleet of trucks, then e-filing is the most convenient method. You can also bulk upload numerous VINs at once for a tax year.
Hurry up! The IRS has started accepting tax returns for the tax year 2021-22. Register with IRS Form 2290 Online for free and access multiple VINs and EINs with a single e-file account. We provide e-filing services 24*7*365 days with 100% accuracy and a US-based support team.