IRS Form 2290 should be filed and a HVUT (Heavy Highway Vehicle Use Tax) tax must be paid by everyone who wants to register a truck classified as a heavy highway motor vehicle in his/her name. These are trucks that have a weight equal to or more than 55.000 pounds. All the trucks have to be e-filed, but only those trucks that will be used for equal to or more than 5000 miles (7500 regarding farm trucks) are subject to tax.
If for a taxable period you are reporting more than 25 trucks you have to e-file through an approved software provider. However, in general, IRS encourages all 2290 forms to be e-filed.
E-filing form 2290 has a series of advantages that make this form of return reporting a more attractive one for heavy highway motor vehicle owners than the traditional email reporting system.
Main Advantages to Efile Form 2290
- Saved personal resources – e-filing makes tax processing more efficient and helps save your personal resources, e.g. postage and time expenses of tax reporting.
- Reduction of errors – because of efficient and smooth work e-filing drastically minimizes preparation and processing mistakes.
- Convenience – the return can be reported any time and from anywhere by using an ordinary computer or laptop on the go!
- Fastness – Schedule 1 will be available nearly immediately after IRS accepts the submission of 2290 form through your e-file transmitters.
- Safety – even if you have made a mistake in the e-filed 2290 form you are free to e-file a correction to mileage and weight. This also refers to VIN corrections that can be e-filed and a corrected Schedule 1 will be available in minutes.
It is an absolutely easy process to file Form 2290. To do it you just need the following information:
1. The vehicle identification number.
2. The gross weight of the vehicle or each of the reported vehicles to help find out to which category it belongs.
3. Employer identification number. It is used for security reasons as the combination of your name and your EIN is considered to be your unique identifier as a taxpayer. The EIN should be acquired 2 weeks before e-filing.
4. Name and the address of the business.
Schedule 1 for 2013-2014 can be acquired from 1st July 2013 and the deadline for the IRS Form 2290 submission is 31st August 2013. Tax period starts on July 1 of the current year and is over on June 30 of the following year. That is why for the vehicles that will be in use at the beginning of tax period the deadline to file 2290 form is August 31.
As soon as IRS receives the information about your return you will be notified by email. Also, you will be granted access to the electronic version of your Schedule 1 for 2013-2014 that will contain an e-file logo watermark in the background and will be available for printing.
As we can see e-filing is a convenient, reliable, fast, error free and resource saving way to report return compared to previous email based system. It doesn’t require much computer proficiency and technical skills to be able to realize it. There are many specialized companies like Etax2290.com out there that can support and help you to e-file your IRS Form 2290.