According to IRS rules, a highway use tax (Form 2290) is mandatory for anyone who owns a heavy highway vehicle that weighs at least 55,000 pounds. It does not matter whether you are a newbie in the trucking industry or have just acquired your first qualifying vehicle; comprehending the nitty-gritty of filling Form 2290 is indispensable. Below is all the useful information you need to grasp to be able to accomplish your first filing.

Why the IRS Form 2290 is Filed?

Form 2290 is the internal revenue service (IRS) form that returns the heavy vehicle use tax (HVUT). This type of tax is levied on individuals who own heavy vehicles that are used for business purposes and only on public roadways. In most countries, taxes are collected for maintenance of the highways and road infrastructure so as to make them accessible to the business vehicles.

Does Any Individual Need to File Form 2290?

A Form 2290 must be filed if this applies to you:

• Your vehicle is a heavy vehicle: For this weight of the vehicle over fifty five thousands pounds the HVUT is applicable.
• During the tax year you obtain a vehicle that you did not hold. For example, if you bought your vehicle after July 1, then you need to file for the rest of that financial year.

When to File

Form 2290 is expected each year for the tax year that's from July 1 till June 30 the following year. If you put a vehicle into service after the start of the tax period, you can serve your last date till the last day of the month following the month of first use. To illustrate, If you first put a vehicle into use in September, your last date to use your income tax return would be the end of order the end of October.

What You Need to File Form 2290

In order to fill and submit Form 2290, you are required:

• Employer Identification Number (EIN): Social Security number is not acceptable when filing Form 2290. Make sure you have EIN at hand.
• Vehicle Identification Number (VIN): You are going to file Form 2290 for more than one vehicle; each of them has to be identified by its VIN on the form.
• Taxable Gross Weight: This means the onboard weight for the vehicle including all its accessories with a gross average operational weight estimated which one is often hauling.

What is the Tax Impost And the Heavy Vehicle Use Tax?

The fee you need to pay for HVUT is determined by the taxable gross weight and the number of driven miles by the taxable vehicle. Heavy vehicle tax can be characterized as being depending on the tax bands ranging between $100 to $600 on annual basis for most of the heavy vehicles. In such cases, the tax may be suspended if fewer than 5000 miles yearly are driven or for agricultural vehicles 7500 miles a year.

How to File IRS 2290 Online – IRS Form 2290

There are two ways to submit Form 2290:

• Paper Filing: IRS form completing is very simple. It can be downloaded from the IRS site but this option is cumbersome and can bring frustration.
• E-Filing: In case you have and more vehicles then this ensures you file electronically. Nevertheless, the majority of filers speed up the process and use e-filing and get notification from the IRS that their application has been received.

Why Should You E-file Form 2290?

• Assurance of quick return of stamped Schedule 1 to individuals: E-filing guarantees quick returns of the stamped Schedule 1 thus you do not wait long to get it.
• Assurance of instant feedback: You do not have to wait to know that the form was received by the Iowa Department of Revenue.
• E-filing: This is one of the advantages that e-filing overcomes people’s challenges. There is little or no room for making mistakes as submission of information is done after an online system has validated the information.
• No more paper: documents are not necessary. No papers are needed to be sent and no more weeks must be waited.

Form 2290: Information Update e-File

We make it easy to file your first Form 2290 clean and within a short time. E-filing with us is such that you can:

• You can as well receive the evidence that you have submitted the form and the IRS has accepted your submission.
• You can obtain your Schedule 1 within a few minutes if needed for vehicle registration as it is an evidence of filing.
• You will also find well laid out steps that help you in each and every step, making sure that this is your first filing.

Note: For more information, visit IRS website