Tax season is a few months away, but thinking about things early can certainly help save you a headache and troubles later on. For most business owners, taxes can be a completely complex process, especially when the business is one that deals with heavy motor vehicles such as trucks. If you are considering taxes, then it is important to start thinking about how you are going to file for your business’s vehicles. Those that own over 25 heavy weight vehicles, a specific form is required during tax season. Below is an overview of the form that you will need and whether you qualify to fill out the form.
Filing Heavy Vehicle Use
A while back, the IRS specified that individual that own and more than 25 vehicles over 55,000 pounds are required to file IRS Form 2290. IRS form 2290 is a form that must be filed exactly one month after the taxable vehicle is used on a public highway system in the United States. The filing time must be within the current period, which is from July 1st until July 30th of the following year. Regardless of whether you are filing to suspend the tax or whether you are paying the tax, the form must be filed. Usually filing this form by mail takes a great deal of time and it can take months for you to receive your Stamped Schedule 1 or proof of payment. This can create an inconvenience, and to prevent delays, the government is currently allowing online filing of IRS Form 2290.
E-File IRS Form 2290 Online
Rather than wait months for your Stamped Schedule One, you can easily fill out the forms online and attain your Stamped Schedule One within a few days. The 2290 Tax Online form is easy to use, it can be done through anywhere, and it is simply the most convenient way for you to get something done and not have to worry about it later. When you file, you can choose to do so for multiple companies, the truck number is the number of the fleet, and once you have the vehicle registered on the E-Form, you continue onto to the filing form itself. Once you receive notice of payment, you can only pay using a U.S. Bank account that is a savings or checking account. You can also use a debit transaction. If your vehicle is already in service for the full year, you only need to file once a year. On the other hand, as mentioned before, if the vehicle is a new vehicle, you need to file a month after being driven on a public highway.
Overall, filing your tax forms is made so much easier since you can do form 2290 tax online. Rather than for your Schedule One or have to deal with paperwork and delays, the online process is nearly instantaneous and works much to your advantage as a busy business or company owner. Don’t wait; file your IRS Form 2290 online today.