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 or Money Order. The options to pay by check or money order may be easier to understand, but the options for Electronic Funds Withdrawal, EFTPS and credit/debit card payment 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.
Hey truckers it’s once again time for a few pointers and transfer of knowledge about your HVUT Form 2290 filings. The filing season was a hectic one, wasn’t it? Since you are done with filing the returns hope you checked your schedule-1 copies for any mistakes. Any mismatch in the information would end up as a void filing. The recent question which we faced was about “2290 AMENDMENTS”. In this blog, we are going to see when to file an amendment and how to and when not to.
An Amendment is bringing about a change or
correction to an existing return. People often confuse between VIN correction
and an amendment. The VIN correction needs to be done on a separate filing and
this doesn’t relate to anything with the Amendments.
Amendments are basically for reporting two
things
When there is an increase in gross weight (truck, trailer, and max load capacity)
When the suspended vehicle exceeds the mileage limit (over 5000 miles)
Hello there dear truckers! Hope you’re all safe and sound. We are into the last phase of filing your taxes as we just have a week’s time before the deadline for your form 2290. As you know the form 2290’s are due by July and payable until august 31 every year. While most of you have filed your tax returns yet there are many who hasn’t filed yet. We would like to keep you posted about this as we are nearing the deadline and any filings done after august are subjected to penalties from the IRS.
Most of you have a common question asking that why should you renew now as your tag renewals are later this year and aren’t we supposed to do it only then? Well, that’s not how it works. Form 2290’s are always from July 1 to June 30 the following year and the taxes are to be paid upfront for the whole tax year. And how will the taxes be calculated? It depends on miles that you do in a tax year and the total gross weight of your vehicle {tractor + trailer + the max capacity that you can haul}. For a vehicle to qualify under a taxable category it should do more than 5000 miles in a tax year and the minimum gross weight should be 55000 lbs and above.
A month has passed by, yet the Form 2290 deadline has not..! The Form 2290 HVUT tax returns are due by the end of this month. Penalties for HVUT non-compliance are serious money; it is equal to 4.5 percent of total tax due, assessed on a monthly basis. Late filers who don’t make an HVUT payment also face an additional monthly penalty equal to 0.5 percent of the total tax due. Additional interest charges of 0.54 percent per month accumulate as well.
Well, who would wish to spare the hard-earned money towards paying a late filing fee with interests, nobody right! Hence, don’t hold up until the deadline to be the last moment filer that would make easy things hard and hard things even harder; that even tends us to commit mistakes over the Form 2290 while filing in a rush.
Hello there dear Truckers, as you know the HVUT Form 2290 is an annual tax paid to the Internal Revenue Service every year on a vehicle which comprises a minimum gross weight of 55000 lbs or more and if the same truck is been used over the public highways for commercial, agricultural & logging purposes. In recent times we see a lot of our customers come up with questions relating to Form 2290 claims and who are eligible for it. We hope this blog covers those questions.
Now there are few claims that are supported in accordance with the Form 2290.
Taxes Overpaid Credits.
Suspended Vehicle Exceeds Mileage.
Low Mileage Vehicle Credits.
Claims against Tax overpayment: When the taxes are paid for a respective vehicle more than once within the same tax year, then the excess paid amount can be claimed as a refund by filing the Claim Form 8849 Schedule 6, as a result, you will receive a refund check back from the IRS in 21 business days in your mailing address.
When the vehicle is Sold/Destroyed/Stolen: When the taxes are paid full in advance on a respective vehicle
and if the subjected vehicle is Sold/Destroyed/Stolen a partial refund can be
claimed via the Form 8849 Schedule 6.
Low Mileage vehicle credit: When the taxes are paid full in advance
on a vehicle assuming it would go over 5000 miles or 7500 miles but if the
truck remains under the mileage limit for exemption during the year, the IRS
lets you claim a full refund by the following tax year.
It’s a pandemic out there and the nation needs more truckers as you’re the bloodlines that connect every nook and corner of our country. We see a lot of our customers trading in trucks and looking to transfer the credits. Now you know what to do and if further assistance is needed, please feel free to contact us at 347-515-2290 or just drop an email to support@truckdues.com. Drive safe
