Truck owners are well aware of the Internal Revenue Service form 2290 tax. It is a tax form used for reporting tax paid on heavy vehicles having a weight of 55,000 pounds or more that has crossed 5,000 miles (7,500 miles for agriculture vehicles) in a given tax period. If your heavy vehicle meets the form 2290 tax eligibility, it is advisable to pay the HVUT tax. It will save you from any kind of future consequences such as IRS penalties. For detailed information, you can visit the official website of IRS. It is important for you to have a detailed understanding of the tax form so that you can file form 2290 on time without any rejections.
You can file for this form 2290 tax both manually and online. For manual filing, you have to visit the IRS office and for online filing, you need to get an authorized IRS service e-filing provider. e-Filing is always the recommended option as it makes the whole process easy. Also, take a note that if you own 25 heavy vehicles or more, you need to go for e-filing mandatorily. As the owner, it is important for you to accurately check the taxable gross weight of the vehicle, apply for an Employee Identification Number on time, and complete the whole process before the due date. IRS and the e-file service provider will keep reminding you about the due date so that you don’t miss it. If you miss it, you have to bear a fine and pay the penalty. Also, in some cases, there are chances of your form 2290 getting rejected due to incomplete information, Wrong EIN, details mismatch, and many others. While e-filing, always recheck everything so that you do not miss out on any errors.
Once you complete the process of e-filing the form 2290 tax manually, you will instantly receive two watermarked copies of schedule 1. One copy is to be submitted back to the IRS and the second one will be kept by you. Form 2290 schedule 1 is proof of payment provided by the IRS to the owner upon paying the Heavy Vehicle Use Tax (HVUT). While filing, many truckers are aware of this, so following are some of the points which will help you understand form 2290 schedule 1:
- How to get a copy form 2290 schedule 1 – Once you complete the filing process, you will get a copy of IRS watermarked schedule 1 to your registered email ID. It will act as proof of payment of your truck tax or HVUT tax. In case you misplace it, you can login into your account using your email and password and download a new copy.
- What is the purpose of form 2990 schedule 1 – The schedule 1 can be used to report the suspension of the truck tax, to verify the payment of heavy vehicle use tax, to claim a refund for overpaid or excessive paid taxes due on your taxable vehicle or to lease or contract your truck.
- What information is required to get Form 2290 Schedule 1 – You need to fill in the information which includes Business name, address, employee identification number, vehicle identification number, first used month, taxable gross weight and indicate whether your vehicle is tax suspended .
- When do you get Schedule 1 Form 2290 – If you e-file form 2290, you will instantly get it online. If you file manually, you will receive form 2290 Schedule 1 nearly 6 weeks after submission.
- Do you need it for suspended vehicles? – Yes, you will need a schedule 1 form 2290 even for your suspended vehicle although you are not required to pay tax for it.
- What to keep in mind while printing Form 2290 Schedule 1 copy – You can download it by logging in to your account using your registered email ID and password. Always download more than one copy to be on the safer side. It will be handy to have it if you misplace one. While printing, make sure the watermark and the date are accurate and clearly visible. In case the watermark is blurry , try to use darker ink or color while printing. Also, for more protection, you can easily download form 2290 schedule 1 on your mobile phone or laptop.
So, above are the answers to some common questions that truck owners need to know. In case of form 2290 rejection, you can retransmit it and get the form 2290 schedule 1 copy. In case of amendments, you will easily get the revised schedule 1 instantly. Also, you can visit the official website of the Internal Revenue Service to clear your doubts. While online filing, make sure to choose an authorized IRS service provider. They will help you out and will assist you in each step of the filing process. Also, they will give you continuous reminders to fill for the form 2290 tax so that you do not miss the due date.