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 have accounted for that by allowing truck owner/operators to e-file a Form 2290 based on the “Month of First Use.” This phrase is merely asking when a truck owner first put their heavy vehicle onto the road to start making cross country deliveries. This is quite beneficial to those that must file the 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 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 the Form 2290 by-
If vehicle is first used during -> THEN make sure to file the Form 2290 & make your payment by
July, 2012 -> August 31, 2012
August, 2012 -> September 30, 2012
September, 2012 -> October 31, 2012
October, 2012 -> November 30, 2012
November, 2012 -> December 31, 2012
December, 2012 -> January 31, 2013
January, 2013 -> February 28, 2013
February, 2013 -> March 31, 2013
March, 2013 -> April 30, 2013
April, 2013 -> May 31, 2013
May, 2013 -> June 30, 2013
June, 2013 -> July 31, 2013
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 the disadvantage and could actually SAVE money if they accurately e-file their submission.