It’s time for your 2290 tax form renewal, the heavy highway vehicle use tax is required to be paid annually to the IRS for every truck that drives on public highways and weighs over 55,000 lbs. Once you file your IRS Tax Form 2290, a Stamped Schedule 1 will be provided to you as your receipt for this heavy highway vehicle use tax. A printed copy is required to register your vehicles each year with the state authorities. A copy of the IRS stamped Schedule 1 for the current year available on your account so you can always have access to it.
Here’s what you need to know:
- If you have vehicles with a gross weight of 55,000 pounds or more that travel 5,000 miles (7,500 miles for a farm vehicle) or more annually on public highways, you must file IRS Form 2290 Heavy Vehicle Use Tax;
- If you have 25 or more vehicles that are 55,000 pounds or more, you must file electronically report your 2290s;
- You must have an Employer Identification Number (EIN) to file Form 2290; you cannot use your Social Security Number or any.
- You may choose Direct Debit or Electronic Funds Withdrawal option or EFTPS to make your tax due with the IRS.
- IRS stamped (watermarked) Schedule-1 would be shared with you on the same day of filing, could be in 10 to 20 minutes from filing and once accepted.
Electronic Filing for 2290 Tax Reporting
Form 2290 and Schedule -1 could be prepared and reported electronically with the IRS, anyone who requires to file 2290s can use TaxExcise.com to file it electronically. However IRS makes it mandate for fleet owners or vehicle operates reporting 25 or more vehicles in a tax return. Electronic filing is safe, secured and fast; quickest way of filing 2290 returns with the IRS.
August 31 is the deadline
The renewal period for HVUT Form 2290 is typically from July 1 to August 31 each year. Normally this 2290 tax is reported between July 1 to August 31, filing after that would get penalties and late filing charges.
Form 2290 must be filed for the month the taxable vehicle is first used on public highways during the tax period. The current period begins July 1, and ends June 30, as stated above. Form 2290 must be filed by the last day of the month following the month of first use. Note. If any due date falls on a Saturday, Sunday, or legal holiday, file by the next business day. If you first use multiple vehicles in more than one month, then a separate Form 2290 must be filed for each month by adding the VIN# of each reporting vehicle. The filing rules apply whether you are paying the tax or reporting suspension of the tax.
