IRS tax Form 2290 pertains to the heavy highway vehicle use tax (HVUT). Truck drivers and owners should file this Form if their vehicle weighs 55,000 pounds or more. You should file Form 2290, if the truck drives for more than 5000 miles a year, the limit is 7500 miles for agricultural vehicles.
To prevent the rush and the hassles of last-minute filing, experts advise pre-file Form 2290. By filing early, your tax Form will get accepted and stamped early. You will also get Schedule 1 quickly. Truck owners can now pre-file Form 2290 online, and the window is open now from May 21st, 2022.
Why should you pre-file Form 2290?
- Pre-file saves you time and helps avoid the rush hour during the peak filing season.
- It helps you to plan and collect all relevant information for returns filing.
- By filing ahead of schedule, it is possible to clear the IRS penalties and the late filing charges.
- Taxpayers will get the Stamped Schedule 1 of the IRS before everyone else.
- You will be able to make corrections and retransmit the Form without any penalties if the tax Form undergoes rejection.
- Pre-filing will offer plenty of time to check the details in the paper, clarify doubts, and review the submission.
- There are chances for technical issues on the IRS website during the peak filing season. This could delay the processing of the 2290 returns, and pre-filing avoids such delays.
When can you pre-file Form 2290?
The final deadline for filing HVUT Tax Form 2290 is August 31st, of the tax year. The current tax period starts on July 1st, 2022, and ends on June 30, 2023. Most truckers put their vehicle on road by July, for every tax period, and they will have time till August 31st, to pay their taxes. Pre-file IRS tax Form 2290 for Heavy Highway vehicles starts on May 1st, 2022, and ends on June 30, 2022. Before pre-filing, make sure you have the following information ready.
- Name of the business
- Employer Identification Number (EIN) and address
- Vehicle Identification Number (VIN)
- The taxable gross weight of the vehicle
- Total number of trucks you want to report
- The tax period for which you are filing the Form
- First Used Month or FUM or the truck.
The IRS will accept Form 2290 for the new tax year from July 1st. Many people usually file the Form around this time. If you file at that time, there are chances that the processing time of your tax Form will be longer. You will also not receive your Schedule 1 on time. If you pre-file Form 2290 with Tax2efile, your tax returns will be sent to the IRS, as soon as they start accepting them. This way, you will be able to avoid the rush of the filing reason. You can file the Form early and receive Schedule 1 as soon as possible. You can also complete your Form 2290 pre-filing within minutes at Tax2efile and get your schedule 1 instantly.