Hello there dear truckers hope you’re safe and sound. It’s just under a weeks’ time left before your form 2290 tax deadline arrives, it’s our duty to keep you posted so that you would not end up paying penalties on top of your taxes. The last date of filing for the year July 2021 – June 2022 will be August 31, 2021, any filing or payments done post this date will be considered as late and shall bestow upon penalties!
A lot of our customers have questions about the payment methods. When it comes to E-Filing your IRS Form 2290 through an authorized E-File provider such as Truckdues.com, there are 4 different payment options.
Taxpayers can pay by Electronic Funds Withdrawal, EFTPS, Credit/debit card payment, Check/Money Order. The options to pay by check or money order may be easier to understand, but the options for Electronic Funds Withdrawal and EFTPS may need an additional explanation.
If you elect to pay by Electronic Funds Withdrawal, you can use either a checking or savings account. You will need to enter the U.S. Bank Account Number and Routing Number in order for the IRS to process the payment. This information is typically listed on a check. This is the easiest method of payment and we would recommend doing it as it reduces your work and stress. But keep in mind that when you enter your account and routing number the first 9 digits would be the routing number followed by the account number
Electronic Federal Tax Payment System commonly referred to be EFTPS, It is a government program that allows you to schedule Federal Tax Payments electronically. If you select to pay by this option, you are acknowledging that it is your responsibility to send the tax payment to the IRS through the https://www.eftps.gov/eftps/ website.
If you choose to pay using a credit/debit card you have to log into the IRS website www.irs.gov/paybycard to process the payment. Most of our customers often confuse this to be an automatic mode of payment, when they reach the service fee section page they process the service fee and think that the tax payment will also be processed automatically out of your card. Well, as said it is not an automated mode of payment like EFW!
Form 2290 is generally due by June and it is payable until the end of August. This law is only applicable for Annual Renewals. Else, Form 2290 must be filed on a vehicle by the last day of the month following the months of its first use.
Hence, we got a near-term HVUT deadline by the end of this month for all the vehicles that are in service. Failure to file & pay your HVUT before the deadline might result in an IRS notice demanding an explanation and a penalty payment with proliferated interest rate applicable based on the late time past the due date.
Hope this blog gave you an idea about the payment methods and what to choose. If further assistance is needed you may contact us at 347-515-2290 or simply drop an email to email@example.com with your questions our tax experts will be more than happy to assist you. We also have the live chat option where you can check your status and resolve your never-ending questions about form 2290.