2290 Form is the form which is used for filing a Heavy Highway Vehicle Use Tax Return. This is essential for all sorts of highway motor vehicles with a taxable gross weight of more than 55,000 pounds.
Who Files Form 2290 Tax?
Form 2290 tax is filed by individuals, corporations, companies with limited liability, partnerships and even by various other organizations. If a certain taxable highway motor vehicle needs to be registered or is already registered in the name of its owner at the time when it is first used, the owner of the vehicle needs to file for 2290. This is especially required for highway motor vehicles that weigh more than 55,000 pounds which is considered a taxable gross weight.
Why is it Important to File 2290 Form?
The Form 2290 tax needs to be filed with the IRS for all types of highway motor vehicles having the taxable gross mass of more than 55,000 pounds. There are different requirements set by the IRS for different vehicles. This can easily be understood through an example. The vehicles which are widely used for all sorts of agricultural purposes possess higher mileage limits in comparison to the normal vehicles. Therefore, the IRS sets a completely different set of requirements for such vehicles.
When does an Individual File Form 2290?
A vehicle owner should file the 2290 Form each month a taxable motor vehicle is first used on the public highways during the present tax period beginning on 1st July 2015 and ending on 30th June, 2016. One useful example has been provided by the IRS for the vehicle owners to have a clear understanding of the fact. Say a person named Philip makes use of a certain taxable vehicle on 1st July 2015. Philip is required to file 2290 form by 31st August, 2015 for the period beginning 1st July, 2015 through 20th June, 2016. Philip makes use of the amounts put down of Form 2290 page 2 in order to get a clear understanding of the amount that he needs to pay as tax.
Where to File Form 2290?
It is always very easy to file Form 2290 with the IRS in paper. However, it is to be understood that paper filing can be done on government registered website. It is also to be noted that the IRS generally encourages filers to file their 2290 forms electronically and this goes special for the filers who report more than 25 vehicles. Filers can always choose the very best websites for filing their forms which would save them both money and time. There are some websites which are IRS-authorized providing additional contextual and information help windows to filers. This makes it easy for filers to file their taxes. It is important for filers to have their name, business name, EIN, VIN and location of their vehicles handy when trying to file form 2290.