Although the new taxation year 2015-16 is around the corner, there are still reasons for many to file and report form 2290 for the year 2014-15, today. If you’ve been waiting until the last minute to take care of your HVUT, then it’s officially your time to shine. Beside the procrastination of that warrant filing, let’s see, who should be efiling today.
Who Needs to E-file NOW:
- Those With a First Used Month of April 2015
This is the call for the all-new vehicles, which are until the end of the month following the vehicle’s first use month to file your form 2290. For example, if you purchased a vehicle and first put it on the road in April of 2015, then you have until May 31, 2015 to file the 2290 for that vehicle without incurring late penalties. This tax is also known as prorated tax.
- Those Who Haven’t Filed for the 2014-15 Tax Year
If you have not filed your 2290 for trucks that have been used throughout the 2014-15 tax year running from July 1, 2014 through June 31, 2015, you should E-file immediately. All those E-filing for the 2014-15 tax year for trucks used before April of 2015 are already late and will incur penalties. But the sooner you file, the lower the penalty, so get on it ASAP!
- Those Who Sold, Traded In, or Lost the Vehicle They Filed for This Tax Year
If you had a vehicle that was sold, stolen, traded in, or lost that you already filed taxes on for the 2014-15 tax year, you can file a credit for your form 2290 filed last year. Some refer to this as “Transferring a 2290” from an old vehicle to a new one. Filing with a credit vehicle allows you to receive tax credits on taxes already paid for the 2014-15 tax year on the old vehicle. And this way, you won’t end up paying anything extra to get your schedule 1 copy for a new ride. For more information about this process, check out our blog post, which explains how to efile your credit vehicles.
I’m Late… Now What?
Since you are late, nothing can be done at this point. However, you need to bear with the penalties and interest incur by the IRS.
Penalties and Interest:
The IRS imposes a penalty of 4.5 percent of the total tax due, assessed on a monthly basis for up to five months. In addition to this penalty, interest will accrue on the total amount at .54 percent per month, and the IRS also impose an additional monthly penalty equal to .5 percent of the total tax due.
If you are a driver, owner operator or the business tycoon yourself, you still need to report form 2290 at the earliest if you are falling into any of the scenarios mentioned above. At TruckDues.com, we are the fastest and most reliable way to get you the stamped Schedule 1 you need, so be sure and E-file today to get your new registration and tags so you can avoid the hassle during International Road Check.
As you can see, it can be rather costly not to file those 2290’s on time, and the longer you wait the more it’s going to cost. So stop wasting time, and start saving your money today by filing with us at TruckDues.com. We don’t charge you a bomb, just $7.99 only per filing.
We have made the filing process quicker and simpler than ever, and offer the best value in the industry for E-filing your 2290.
If you have any questions, our U.S-based support team is available through phone, email, and even live chat. To reach us, call (347) 515 – 2290, or email us at support@truckdues.com, and we’ll be happy to assist you in any way that we can.