Avoid Penalties for your form 2290 to Drive Smoothly on Highways

Heavy Highway Vehicle Use tax (Form 2290) is an excise tax, paid by heavy highway vehicles with a taxable gross weight of 55,000 pounds or more, used on public highway. IRS has certainly framed rules and regulations to file form 2290. The following are some points to remember while filing your return HVUT. 

Due dates for filing Form 2290:  Form 2290 is the form through, which HVUT is filed. The taxation period begins from July and ends in June of the following year. You can file taxes either online or paper filing from July 1^st to August 31^st, but should file their return for the whole taxation period. The filing rules apply whether you are paying the tax or reporting suspension of the tax.

Vehicles acquired after July: If in case you acquire a vehicle after July on public highway, you are liable to file your taxes for the prorated month. IRS form 2290 should be filed by the end of the following month your vehicle was first put in use. For instance, if your vehicle was first put in use during the month of October, then you need to file your return by the end of November, i.e. 30^th of November. 

What if the due date is a weekend or a public holiday: When such scenarios come up, you get grace period to file returns and hence, the next business day should be treated as the due date for filing form 2290.

Penalties: Yes, there are penalties implemented if you don’t file IRS form 2290 by the end of the due date. The penalty for failing to file form 2290 comes to 4.5 percent of the total tax due, assessed on a monthly basis up to 5 months. Late filers’ not making a payment for their HVUT also faces an additional monthly penalty which is equal to 0.5 percent of the total tax due.

Based on the rates, HVUT liability is originally $550 will climb to $700 by the end of five-month period breaking the law rules. The state owns the right to suspend the registration of vehicles for which the proof of payment is not provided if return is not filed on time.

However, the taxation period has already dropped in. For best practices, you should deal with your taxes before the due date as it makes the deal a simple and easy fortune.  E-file your return if you a paper filer. It is easy, simple and safe only @ tax2290.com. We are pioneer in the industry since 2007 and believe in serving the audience right. E-filing is now an evergreen trend, wherein dealing with it is worth the time. With E-filing you can save your time, money and resources and the best is, receive your schedule-1 copy in minutes after submitting your form online. The waiting period is also eliminated and easy catch is your proof of payment. What’s more? You can subscribe for text alert or fax copy at your registered mobile/ fax number respectively with us to stay connected to IRS. Experience the other side of technology only with tax2290.com. Happy Filing Truckers!