The Form 1120 (officially the “U.S Corporate Income Tax Return”) is one of the IRS tax forms used by corporations (specifically, C corporations) to report their Income, Gains, losses, deductions, credits and to figure out their tax liability.
Wondering why we are even discussing about a different tax than Form 2290? Well we would like our Trucking community companies not to miss their business corporation taxes. The Tax Form 1120 is generally due by March 15th, every year. However for business that are involved in trucking are working restless to address the nation’s needs on time hence there are greater chances to miss the calculation part near the business tax deadline.
So you get a chance to claim an extension via Form 7004, It’s the form used to file for an automatic extension of time to file your business tax return for a partnership, a multiple member LLC filing as a partnership, a corporation, or s-corporation. The IRS indicates that, “Form 7004 does not extend the time for payment of tax.” Hence, you must pay taxes due (guesstimate) by your tax return due date, even if you file an extension application. You may also log on to the official IRS website to find the authorized e-file service provider to have your extensions filed successfully.
Now the bloodstream of our nation’s economy (Trucking) taxes HVUT Form 2290 is also due by the end of this month on a Pro-rated basis. By the federal law that states, that Form 2290 must be filed on a vehicle by the last day of the month following the month of its first use. On this basis, the Pro-rated Form 2290 is now due by March 31st, 2019 for vehicles that are into service since February 2019.
Our Tax experts stay dedicated to assist you with your HVUT Form 2290 needs or working hours are from [Monday through Friday, 9 A.M to 5 P.M, Central Standard Time]. See you over the next article. Happy Trucking! Keep Moving America Forward!