2290 form is also called a truck tax or heavy vehicle use tax. It is a kind of excise tax levied on the owners and the operators of heavy vehicles who pay a certain amount of calculated fees to the IRS. In order to come up with the calculation of the required tax payment for a file, there are some important factors that need to be taken into consideration. Some of these important factors include vehicle weight, vehicle category, and whether or not the vehicle has been used for more than 5000 miles.
General Instructions – Main Purpose of Form 2290 Tax
The IRS 2290 form can be used for various purposes and they have been detailed below:
• Figuring out and paying the tax due on heavy vehicles used during the period with the total weight of 55,000 pounds and more which is taxable.
• Figuring out and paying the tax due on vehicles for which the suspension statement has been completed on another 2290 form if the vehicle later exceeds the limit of mileage use.
• Figuring out and paying the tax due for the period when the taxable total weight of the vehicle increases, which get the vehicle into a new category.
• Claiming suspension from tax when the vehicle needs to be used a minimum of 5000 miles during the period.
• Claiming credit for the tax paid for stolen, sold, and destroyed vehicles and also the one used 5000 miles or less.
• Reporting acquisition of a used taxable vehicle with suspended tax.
• Figuring out and paying due tax on used taxable vehicle possessed and utilized during the period.
• Reporting all the vehicles for which taxes are being paid and also the ones for which tax has been suspended by VIN or vehicle identification number and by category.
• Used in the form of proof of payment Schedule 1 for registering a vehicle in any state.
Who Should File 2290 Form?
It is important for people to file form 2290 tax for the tax period that starts on 1st July 2015 and ends on 30th June 2016 if their taxable heavy vehicle is required to be registered in their name under any State when it is first being used during the period. The vehicle should have a taxable total weight of 55,000 pounds and more. Taxpayers can either be individuals, limited liability companies, partnerships, corporations, or other varieties of organizations including educational and non-profit organizations.
Correction for Filing Form 2290 Online
Electronic filing is considered one of the best and the most effective procedures for filing form 2290. This type of filing makes way for a quicker procession of returns. However, the paper filing of the form is also possible. But in this case, you need to have the correct address for mailing the filled-in form.