You just bought a new truck? One thing you must cross off your checklist is filling out Form 2290 or also known as the Heavy Highway Vehicle Use Tax Return. This is one of the forms that truckers have to file with the IRS when they use public highways, vehicles grossing over 55,001 pounds. Filing Form 2290 could be quite overwhelming to the newly bought truck owners. Once you know the process, main deadlines, and some helpful tips, it will be far less overwhelming. In this article, you will know everything there is to know about Form 2290 filing for your newly acquired truck.

Why Form 2290 Filing is Crucial

Form 2290 is necessary for a few reasons. The primary, it helps in calculating and paying the Heavy Vehicle Use Tax, which goes to funding for highways' maintenance. Any trucker or fleet owner having vehicles that have more gross vehicle weight miles over the threshold needs to file this form or face penalties. Penalties might result in fines or even have their rights to operate the vehicle.

Also, once you file, you will also receive a Schedule 1 stamped by the IRS. This schedule is your proof of payment and you will require the same at every DMV registration and truck renewal.

Important Filing Dates For Form 2290

The Knowledge of the falling date for the deadline prevents an extra penalty on the filing date of Form 2290. Let's look at the most important deadlines below:

• First Reporting Period: Whenever you bring a new truck into your fleet, you need to file Form 2290 before the last day of the month following the month of your purchase. So if you acquire the new truck in March, then your Form 2290 will be due by April 30th.
• Annual Filing: Each year, even if an individual files their Form 2290 the first time, they need to file for every truck meeting the requirements for weighing and use. The annual filing period is from July 1st of any given year to June 30th of the following year, and it has to be submitted by August 31st of the given year. So, even if you file a new truck in the middle of the year, you have to include that truck also as a part of your annual filing if it is in operation on June 30th.
• Prorated Tax payments: If the new truck was purchased in middle of the tax year, then your tax payment will be prorated depending on the months left in the year that it will be utilized. This way you will only be paying for the period of service of the truck.

Missing these deadlines can result in penalties and interest charges, so it's important to keep an eye on them.

How to File Form 2290 for Purchasing New Truck

Form 2290 filing can be a little intimidating, at first, if you've never done it before. Read on and find out how to make it easier.

• Gather Key Information: Before submitting your application, make sure you have all the necessary information readily available. You will require your EIN- Employer Identification Number, the VIN-Vehicle Identification Number, and the gross taxable weight of your truck. Remember, you cannot use an SSN with this form because an EIN is mandatory.
• Determine Your Truck's Taxable Weight: The gross taxable weight of the trucking concern or subject – now to be defined for revenue purposes – is based on the gross taxable weight of each vehicle. A gross taxable weight may consist of the unloaded weight of the vehicle itself, plus the sum of the unloaded weight of any trailers pulled by the vehicle, plus the maximum load which the vehicle will carry. Be sure you compute this accurately because it does directly affect your tax liability.
• Select Filing Method: Form 2290 can be filed either electronically or on paper. But the IRS will require electronic filing of any truck owner who files for 25 or more vehicles. For most individual truck owners electronic filing, or e-filing is faster and easier; quicker processing, and a stamped Schedule 1 often received within minutes.
• Find Your Payment: Determine the amount of tax levied and calculate the right amount with your truck's weight and usage. The IRS has tables with information about the gross weight and the month in which the vehicle is first used, to determine its exact tax liability.
• Make Payment: The payment of Form 2290 can be done via Electronic Funds Withdrawal, Electronic Federal Tax Payment System (EFTPS), check, or money order. Keep in mind that making timely payments helps evade penalties.
• Get Your Stamped Schedule 1: The IRS will mail your stamped Schedule 1 following successful processing of your Form 2290. For e-filers, this document will be downloadable instantly. Take it with you to the DMV to register a new truck or renew your truck's vehicle registration.

First-Time Filer Tips

First Time Filing Form 2290

Form 2290 filing may seem like a daunting task, but it's very easy if you know what you are doing. Here is how to avoid a few common mistakes that people make:

• Trying to get an EIN too early:  If you don't already have an Employer Identification Number (EIN) yet, get one several weeks before you file the Form 2290 with the IRS. The IRS delays you by two weeks when you file the form with them after getting an EIN because they update the system every two weeks.
• Don't Wait Till the Deadline: Because of procrastination, you might end up getting stress or even making errors in filing. More time to rectify the errors in case it so happens as long as you start your filing early.
• Use E-File Services: These services are much faster and easier than mailing paper forms. The IRS accepts several e-file services, which will guide you step-by-step for filing.
• Double-Check Your VIN: One of the most common filing errors occurs when an incorrect VIN is submitted to the DMV. Make sure that VINs entered are correct; incorrect VINs delay Schedule 1.
• The Prorated Tax: So, assume you bought your truck in the same year; the tax you will pay will be pro-rated. So, it's better than fully paying for a year's tax.

The form 2290 to file for your newly purchased truck is a very essential step in getting your truck on the roads while being compliant with IRS regulations. Knowing the deadlines allows gathering all the information, and proper following of the filing steps helps avoid costly penalties while making the trucking business run as it should. Whether you do this on your own or through an e-filing service, staying informed and organized will help the process go a lot smoother.

Note: For more information, visit IRS website