The IRS Truck Tax Form 2290, to report the heavy highway vehicle use tax returns with the IRS is about to due now from 1st of July for the new tax year 2016-17. We’re accepting 2290 truck tax returns now as Prefile, where you can file now and pay the taxes only in July.
How to renew your 2290 Truck Tax Returns?
The IRS Tax Form 2290 and Schedule -1 need to be reported with your vehicle identification number, taxable gross weight of the vehicle and the mileage use limit. This return cam be filed electronically through a online service provider or a e-file service provider like http://truckdues.com.
Who need to renew 2290 Truck Tax Returns?
If you own and operate a heavy vehicle with a gross weight of 55,000 pounds or more, then you are liable for filing Form 2290. You may be an individual (trucker or owner operator), limited liability company (LLC), corporation, partnership, or any other type of organization (including nonprofit, charitable, educational, etc.).
How should I pay form 2290 tax liabilities?
You can pay your dues through the following methods:
Electronic Federal Tax Payment System (EFTPS) is a free service initiative from the U.S Department of Treasury for paying all federal taxes. Taxpayers must have a valid account with EFTPS to use this service.
Electronic Funds Withdrawal (EFW) is applicable only when you e-file Form 2290. When selecting EFW, you will be requested to provide your transit routing and account number along with the total tax to be paid. IRS will debit your bank account directly for the dues.
Check or Money Order is the method where the payment is processed through check or money order payable to “United States Treasury” along with the payment voucher form 2290-V. Mail the check or money order to the mentioned IRS office.
What is schedule 1?
Schedule-1 copy stands as the proof of payment for paying Heavy Vehicle Used Tax to IRS. If Form 2290 is filed electronically, a copy of Schedule 1 with an IRS watermark will be sent to you as Proof of Payment. This schedule-1 copy is also used as the proof of payment to register your vehicle with the local DMV’s.
What is Electronic Filing (E-file) 2290 tax?
Electronic filing or e-file is preparing the 2290 truck tax returns online and filing it with the IRS, electronic filing enables faster processing of tax returns and receiving stamped schedule-1 immediately. E-file is simple and eliminates all possible human errors, gives 100% accurate tax filing. E-file is easy, as it does not required tax knowledge to prepare tax returns.
Who is required to e-file Form 2290?
IRS encourage all 2290 truck tax filers to e-file. If you are reporting 25 or more taxable heavy highway motor vehicles for any taxable period, you must e-file through TruckDues.com an IRS-approved software provider. When you e-file your Schedule 1 will be available almost immediately once IRS accepts it.
Is paper filed Form 2290s handled any differently than those e-filed?
Yes, there are differences in the processing of paper returns verses electronically filed returns. Paper returns are processed manually. If a paper return is filed containing duplicate vehicle identification numbers (VINs), could be difficult to identify and correct the error but IRS accepts it and charges you for the taxes you owe, that is you end up paying twice (not in every case). Paper returns can be filed multiple times and are generally accepted but every time you need to walk to a local IRS office or mail filled in forms. Paper filers will receive a hard copy stamped Schedule 1 with IRS stamp may be in one or two weeks’ time. You need to bother about preserving the Schedule 1’s and forms for a period of three years and IRS may audit you at any time in the three years. Record keeping will be taken for a ride.
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