If you own a Heavy Motor weighing 55,000 pounds or more and expect it to be operated on a Highway, then you are liable for Heavy Vehicle Use Tax. This tax reported on Form 2290 is paid annually for vehicles which are expected to be used in the tax period. The tax period for the current year begins on July 1, 2014 and ends on June 30, 2014.
If you have a heavy vehicle that is expected to be used on highway by July 1, 2014, then you must file Form 2290 by the end of August (i.e. August 31st).
Refer FAQs to know more about Form 2290
Form 2290 can be used for reporting the following
When you have a change or intend to correct your originally reported 2290 return, you can file an amendment to notify IRS about the changes. You can choose to report Amendments before you start a return.
During the tax period if any one of the events(a. Increase in Taxable Gross Weight b. Suspended vehicle exceeds mileage limit) happen then you must file 2290 amendment to intimate any tax changes to IRS and obtain a new schedule 1.
During the tax period, if the vehicle’s gross weight increases and it falls under new weight category, then you must file 2290 Amendment to report the additional tax due to gross weight increase.
If a vehicle reported as suspended crosses the mileage use limit (i.e. 5000 Miles or 7500 Miles) then the vehicle becomes taxable and should be reported to the IRS by checking “Amended Return” in form 2290.
To know more about amendments, check the FAQs. To report amendments electronically, it is not that you should have used our service for filing your original 2290 return.
When IRS owes you a credit for your taxable vehicles you can report it electronically.
Claim credits for vehicles which are sold, destroyed or stolen. Also if a Taxable Vehicle is used 5000 miles or less (7500 or less for agricultural vehicles), you can claim credits for the tax paid for that vehicle.
Credits for vehicles reported during the tax period July 1, 2013 to June 30, 2014, can be claimed in Form 2290 filed for the current TY 2014-2015.
The credits claimed should not exceed the tax amount reported. If it exceeds, the excess credit can be claimed as a refund in Form 8849 Schedule 6. Any overpayment made due to a mistake in tax liability on previously reported Form 2290 can be claimed using Form 8849 Schedule 6.
To know more about 2290 claims, 2290 FAQs.
Know more about check the Trucking Tax Center
Keyed in the wrong VIN when filing Form 2290? You can file Form 2290 again with the corrected VIN and obtain a new corrected stamped schedule 1. VIN correction can be done by checking the “VIN Correction” in Form 2290, which notifies IRS that you are filing the return for VIN correction.
You must e-file your Form 2290 if you are filing for 25 or more vehicles, IRS encourages e-filing for anyone required to file Truck Tax Form 2290 and receive watermarked Schedule 1 copy immediately. With e-file, you’ll get it almost immediately after IRS accept your e-filed 2290 tax return.
Last year, nearly 120 million taxpayers opted for the safest, fastest and easiest way to submit their individual tax returns — IRS e-file. Since 1990, taxpayers have e-filed more than 1 billion tax returns safely and securely, everyone can file Form 2290 tax returns with TruckDues.com for $7.99 onwards.