- July 20, 2012
Heavy vehicles are typically in and out of service whether it is because a truck is bought, sold, or going through maintenance. The Internal Revenue Service understands that vehicles are not always in use and has accounted for that by allowing truck owners/operators to e-file Form 2290 based on the “Month of First Use.” This phrase is merely asking when a truck owner first puts their heavy vehicle onto the road to start making cross-country deliveries. This is quite beneficial to those who must e-file Form 2290 because the total tax amount due is reduced as the year progresses, which is a pretty accurate method of calculating the correct tax amount due for any given taxpayer.
Although the Internal Revenue Service allows filers to file their Form 2290 in the month that their vehicle was first in use, they have enacted harsh financial penalties to those who miss their filing 2290 deadline. So the “Month of First Use” feature works both ways, it can only be advantageous to a truck owner/operator if they file their Form 2290 in a timely fashion or at least file for an extension for their filing.
The IRS provides a month-based timetable for filers to review so that they know when they must file Form 2290 by-
If the vehicle is first used during -> THEN make sure to file Form 2290 & make your payment by
July -> August 31,
August -> September 30
September,-> October 31
October -> November 30
November-> December 31
December-> January 31,
January-> February 28
February-> March 31
March-> April 30
April-> May 31
May-> June 30
June -> July 31
Keeping up to date with filing submission deadlines is pivotal in avoiding financial penalties from the Internal Revenue Service. The IRS loves to make money off of taxpayers’ mistakes; therefore, if taxpayers pay attention to their deadlines they will not be at a disadvantage and could actually SAVE money if they accurately e-file their submissions.
