The Tax Form 2290 is already due and today is the last day to file it. Filing your 2290 truck taxes at the right time is more important as it creates some extra space to correct and amend your returns when you get something odd in it. Well having said that you still have time until midnight to submit and correct your returns if any changes. Since it’s the last day of filing here are a few tips on where you can go wrong.
What may go wrong in your 2290 tax return?
You may miss type (typo error) your VIN (vehicle identification number) which is a 17 digit combination of alphanumeric characters. The paid proof called the Schedule-1 copies carries your VIN# that needs to be presented when you register or renew your big rigs with state authorities.
You need to use your business name and EIN as in the forms you apply for with the IRS. You cannot use your DBA or Doing Business As names
EIN number should also match your business name as in IRS records; you cannot use your social security number. EIN is a must and should be 2 weeks older to get your return processed, if not wait for a couple of weeks till it gets reflected in the IRS database.
You need to put in the right tax year and first used month as the vehicle use tax is calculated from it. The current tax year is July 2020 – June 2021 and the first used month should be July 2020 if it’s a renewal
Any truck which does more than 5000 miles in a year with a minimum gross weight of 55000lba or above should be reported under the taxable vehicle and any vehicle which does less than 5000 miles (commercial) or less than 7500 (agricultural) should be reported under suspended or exempt from tax category
You need to estimate your taxable gross weight (truck + trailer + max. capacity that can you can haul) of the vehicle and the estimated mileage use limit right to have that reflect in your Schedule 1 copies.
Filers often confuse between the payment options, You can opt for EFTPS when you have already enrolled with them for online payments on your tax liabilities and schedule a payment through www.eftps.gov. If you don’t have one it may take a couple of weeks to process it with the authorities and this is not an automated payment method as you need to log into the federal website to do it.
Whereas When you opt for EFW (direct debit) option you need to put in your bank account number, routing number right for the IRS to debit it in one go. Or you may simply choose to send a check or a money order to the IRS as well. Also do keep in mind that the IRS no longer accepts credit/debit card payment methods
2290 E-file is easy and secured, all your tax data are encrypted and transmitted directly to the IRs for processing. Once IRS completes processing your tax return, Schedule-1 copy is made available in your inbox without any delay. If any questions or concerns relating to your form 2290, you may contact us at 347-515-2290 or simply drop an email to firstname.lastname@example.org and we would be happy to assist you. Stay safe and file you form 2290 today and evade from paying penalties