Consequences of Late filing HVUT form 2290 return

Trucking is a fun loving profession, but don’t forget, there are many other responsibilities coming your way other than delivering goods and services on time and place. HVUT or Heavy Vehicle Used Tax is one the most common tax, which is imposed on truckers and other heavy vehicles in US. When you are filing form 2290 to IRS, you will receive a schedule-1 copy which is as a proof that you have paid IRS all that you owe. Initially, this filing started up with paper filing, process was real time consuming. Tax payers use to wait outside IRS office for hours together to file their return and wait, wait and wait to receive schedule-1 copy through mail

However, these days, e-filing is another method which is introduced and highly recommend by IRS. Every tax filer, filing for more than 25 vehicles needs to file through online. Thanks to the technology, our load of responsibility is lightening up e-filing return through tax2290.com. The benefit with online filing is that you receive your schedule-1 copy in minutes as IRS approves your return within minutes of your submission.

July is already fallen; it is time to e-file your return before times slips by. Keep reading the following points to know what the consequences you will be facing if you are not late by any chance.

Pay the Cost to IRS:

Yes, you read it right. IRS would surely impose enough penalties and interests for not filing your taxes on time. However, if the matter reaches the court, the cost of everything would blow off your pocket. Unless you enjoy IRS audits and courtrooms expenses, it is terrible to not file your returns on time.

Due to some reasons, if you are not able to e-file/paper file your return any time during the scheduled taxation period, you can always file it after the season but with penalties, approximately to 4.5 percent of the total tax, assessed on a monthly basis up to 5 months. Late filers are also likely to experience the HVUT penalty equal to 0.5 percent of the total tax amount. 

Improvement of the Roads is Necessary, HVUT Contributes:

Filing return has never been a joyful experience for any trucker. However, it is said that what you give comes back to you, though not in the same form. Like when you are filing HVUT form 2290 e-file to IRS, the funds are used in maintaining the roads and highways used for delivering goods. 

Not Filing your Return is considered as a Crime:

Fines is a surely a bad thing for a trucker, but it can get worse than expected. Getting into the whirlpool of court, leading into criminal charges will leave you nowhere. IRS & State Governments are allowed to prosecute anyone purposely on cheating and not filing taxes on time. This can also lead to prison. 

Deal with your Business Thoughtfully: 

If taxes are not paid on a timely manner even after penalties are imposed, court appearance and possibility of jail, would surely bring your business to an end. Time and energy spent of worrying about IRS audits, fines and dates are not worth the deal.  

IRS Prefers: 

Since the time e-filing is introduced, IRS recommends the tax payer to online file their return for a safe, comfortable and faster filing. This is also considered as an easy way-out for filers as the possibilities of getting penalized is zeroed down to minimum with tax2290.com.

 

We are the first IRS certified Service provider, serving audience with their queries. Every day is a challenge for us, dealing and solving queries and e-filing returns on their behalf. Yes, we also provide full service option wherein you need to send across the details about your vehicle, EIN and other details required to file tax online. The rest we will take care. Call us today @ 1-866-245-3918 anytime or drop in a mail to support@taxexcise.com for a better understanding about our services. We are always happy to help you.