So what is going on trucking nation? Last week, we made an announcement regarding the new introduction of form 8849 schedule 6 at TruckDues.com. Today, we are proud to announce another vertical in form 2290 with TruckDues.com. Form 2290 Amendment return. Each time you efile or paper file form 2290 during the tax season or prorated, you are required to file tax based on the weight and the miles you will be traveling during the course of the year.
Assuming, your vehicle was filed under suspended vehicle last year, and this year you presume the same. But unfortunately, your truck exceeds the mileage limit as a suspended vehicle and moves to a new category. Here is where, Amendment form 2290 is required. Keep reading for a clear picture.
There are two types of amendment return available for form 2290:
- Additional Tax From Increase in Taxable Gross Weight
- Suspended vehicles exceeding the mileage use limit
Additional Tax From Increase in Taxable Gross Weight:
This one of the type of amendment return to be filed when the taxable gross weight of the vehicle increases during the period and the vehicle falls under a new category. For instance, you are experiencing an increase in the taxable gross weight, due to the maximum load customarily carried.
When this happens, you need to calculate and report the additional tax for the remainder of the period on Form 2290, line 3. Additionally, you need to check on the Amended return box and to the right of “Amended return”. Write the month the taxable gross weight increased. This should be done by the last day of the month following the month in, which the taxable gross weight increased. However, if you choose and opt for online filing with TruckDues.com, you really don’t have to follow the above procedure.
Simply type in the details required by the application, we would calculate the tax owed and allow you to transmit to the IRS within minutes. Once IRS approves it, you will receive your revised schedule 1 copy in another two minutes after filing.
Suspended Vehicles Exceeding The Mileage Use Limit:
This type of amendment is filed if your suspended vehicle exceeds the mileage use limit. Mileage use limit for a heavy vehicle on public highways is 5,000 miles or less (7,500 miles or less for agricultural vehicles). The mileage use limit applies to the total mileage a vehicle is on the road during a period, regardless of the number of owners.
You to need to calculate the tax on Form 2290, page 2, based on the month the vehicle was first used in the period. File the amended Form 2290 by the last day of the month following the month in, which the mileage use limit was exceeded. However, if you are using our application at TruckDues.com, you can experience an easy filing with utmost ease. The application will calculate the tax due and check for the errors in your application. Again, you will receive a schedule 1 copy (revised) with the correct weight category in few minutes after transmitting your return to IRS.
VIN Correction:
VIN Correction is filed when you have accidently made an error in keying the VIN in your form 2290.
VIN corrections can be only done for Taxable or suspended vehicles and not for credit vehicles or for prior year suspended vehicles. When you file a VIN Correction Form 2290, you can’t combine it with claiming credits on the same form. The wrong VIN must have been paid for in the original form 2290. Otherwise, the IRS will assign penalties in addition to the actual tax.
So what is running in your mind after reading this blog? we give you two options, either you efile with us and cherish the experience lifetime, or choose paper filing if you like doing things manually.
For more questions and answer session, don’t forget our Tax Expertise are around to give you a clear picture. You can reach them during the business hours via phone at (347) 515 – 2290 or email us your queries to support@truckdues.com.