Filing and Paying Tax | Form2290


Heavy vehicles pay an annual federal excise tax for use of the public highways. Form 2290 must be filed at the beginning of the tax year and payments of this tax must also be made at the beginning of the Heavy Highway Vehicle Use Tax year.

Definition of a Heavy Vehicle

Heavy vehicles that use public highways must also pay a yearly federal tax. The IRS defines heavy vehicles as trucks, trailers and buses with a gross vehicle weight of 55,000 pounds or more. Gross Vehicle Weight includes the total weight of a loaded truck in addition to any trailer it might be pulling.

When to File Form 2290

IRS Form 2290 is used to pay the Heavy Highway Use Tax. The form is filed yearly and must be filed for each truck owned. The tax year for the Heavy Highway Vehicle Use Tax begins July 1 and runs through June 30 of the following year. The tax must be paid at the beginning of the tax year and the Form 2290 return must be filed by Aug. 31.

Taxes on Mid-year Heavy Vehicle Purchases

The purchase of a new truck makes the buyer liable for paying federal excise tax. Form 2290 makes provisions for heavy vehicles purchases in the midst of the tax year. The filer pays the pro-rated tax amount from the first month of use until the end of June. Form 2290 would be due by the end of the month following the month the heavy vehicle first used in service.

How to File Form 2290

There are two techniques for IRS 2290 filing. Proprietors and operators can do it by way of traditional paper process or perhaps by electronic filing (e-filing).

The traditional paper process is frequently more tedious and may even take a while. You are able to do it at the IRS office or may file it in mail which could take couple of weeks to get your Sch.1 received in the mail.

To get easier and faster processing, the Internal Revenue Service (IRS) provides the files on their website. When you don't have enough time to perform your IRS 2290 filing or maybe you may find the process complicated, Tax2290.com provides help e-filing IRS Form 2290 in very easy steps, regardless of whether you have a single unit or a number of heavy vehicles.

Paying the Heavy Highway Use Tax

The Heavy Highway Use Tax must be paid on time to avoid penalties and interest.  The Internal Revenue Service has several payment options: via
  • Electronic Funds Withdrawal from a bank account (Direct Debit)
  • Check or Money Order.
  • Electronic Federal Tax Payment System (EFTPS).
It gives you comfort when e-filing and let you download your Sch.1 copy even before IRS receives your Payment.


 E-file your Taxes through www.Tax2290.com and Drive Happy.

Have questions? Get an answer from a real Tax Adviser @ 1-866-245-3918 or drop in support@taxexcise.com

Comments

Popular posts from this blog

PREFILING IS BACK WITH TAX2290 AND GET READY TRUCKERS

File Bulk Vehicles Hassle Free with Tax2290.com

How to Avoid Collision with Wild Animals on Highway?