Yes you read that right… December 31st, 2017 would be the deadline to E-File Form 2290 for vehicles first used since Nov 2017. If you may refer to the IRS rules, Form 2290 must be filed on a vehicle by the last day of the month following the month of its first use. So this deadline must be considered very seriously only when if you had any recent addition to your fleet during Nov 2017.
Else, Form 2290 is generally due by June & its payable until the end of August. So you don’t have to be concerned about the above deadline reminder if you didn’t purchase/re-purchase any trucks during November 2017. So we hope that know now how Form 2290 really works… Don’t you?
Form 2290 is basically an Annual taxes. As you all know that normally the IRS doesn’t make any exceptions for anyone unless you have a reasonable cause. Also, do they make exceptions on how many days that a truck is been operational during a month? Instead, they let you pick either one of the two options below:
- Report your truck under Taxable vehicle section to File & Pay your 2290 tax.
- Report your truck under Suspended vehicle section to File & Pay NO taxes (Claiming Exemption}
Taxable vehicle: If a Heavy vehicle is been operated over 5000 miles (For commercial based vehicles) & 7500 miles ( For Agricultural based vehicles) within a respective tax period, the vehicle is said to be a Taxable Vehicle. Hence, full taxes must be paid in advance unless it’s a pro-rated tax filing.
Suspended vehicle: If a Heavy vehicle is been operated under 5000 miles (For commercial based vehicles) & 7500 miles (For Agricultural based vehicles) within a respective tax period, the vehicle is said to be a Suspended Vehicle. Hence, there is no tax due however the vehicle is supposed to be reported on a Form 2290 applicable for pro-rated tax filing too.
However, you’ve gotta be pretty sure before you select either one of them options. So you need to really calculate the total number of miles that you would be traveling upfront. Having said that you still get an option to make changes to the return at a later point of time by filing an Amendment.
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