The Federal Vehicle Use Tax on your heavy motor vehicle is now due for the tax season 2020 – 21, usually this 2290 truck tax returns are reported to the IRS for the tax year starting July 1, 2020 through June 30, 2021. The filing period is July 1, 2020 to August 31, 2020. The deadline for the 2290 tax is fast approaching and just couple of weeks to report and pay. The IRS would impose late filing charges, penalties and interest if you miss this filing schedule.
The heavy motor truck that weight 50,000 lbs and more operated on the public highways has to be reported in the IRS Tax Form 2290. If a heavy motor vehicle is expected to be used well with in the allowable mileage use limit of 5,000 miles (7,500 for farm vehicles) are exempt vehicles and will not have a tax but still Form 2290 has to be reported to claim this suspended vehicle status.
August 31 – Due Date for Tax Form 2290 – HVUT
As stated above when a heavy motor vehicle is placed on highways in July 1, 2020 then it is liable to pay 2290 HVUT taxes on it by August 31st. However the normal due date for filing the 2290 truck tax returns is August 31st and IRS issues you the stamped Schedule-1 copy with the VIN# on it which you can use in return to register your heavy vehicles with your state and DOT/DMV authorities.
These due date rules apply whether you are paying the tax or reporting the suspension of tax. It is important to file and pay all your Form 2290 taxes on time to avoid paying interest and penalties
If a vehicle is first used on a public highway after July of the current year, then the 2290 tax is prorated and paid by the actual due date. You must file Form 2290 for these trucks by the last day of the month following the month the vehicle was first used on public highways. If the vehicle is still being used in July of the following year, the Form 2290 filing deadline for it would be Aug. 31.
Form 2290 – Electronic Filing
Electronic filing or E-File is required for reporting IRS Form 2290 and paying taxes on 25 vehicles or more in a tax return. However, all taxpayers are encouraged to file electronically as it allows for quicker processing of your 2290 tax return. When e-filed a stamped Schedule 1 proof can be available within minutes after filing and acceptance by the IRS.
Every trucker or owner operator is insisted to avail the benefits of electronic filing as it is the fasted way of getting your return processed by the IRS, the stamped schedule-1 proof is made available immediately to your inbox.
2290 tax preparation with comprehensive step-by-step guidance that helps tax filers complete their tax returns with ease and send them the IRS stamped Schedule-1 proof in minutes – without paying a premium price.
Form 2290 eFile – Missed out for Tax Year 2019 – 20
Still you can report and pay the Form 2290 on vehicles that is used for the previous tax year 2019 – 21. The earliest you file you get the higher chance to minimise the late filing charges and the penalties. We at Tax2290.com process the 2290 returns for previous tax years 2018-19 and 2019-20.
Choose efile – 100% Accurate and 100% Safe
Truckers no need to visit the IRS office to file Form 2290, you can electronically file Form 2290 and pay any Heavy Highway Vehicle Use Tax due’s online. Generally, if you e-file Form 2290, you can receive your IRS-stamped Schedule 1 electronically in minutes after e-filing. You can print your Schedule 1 and provide it to your state Department of Motor Vehicles without visiting an IRS office. If you choose to visit your local office, be aware that many Taxpayer Assistance Centers now operate by scheduled appointments. Use the Taxpayer Assistance Center Office Locator to see if your local office will require an appointment. For more information about the highway use tax, talk to us or write to us, you can also do a live chat with our tax experts.
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