Form 2290 Filing the IRS is used to pay the heavy highway vehicle use tax that is operating on the public highways with the weight of 55,000 pounds or more. All truck owners are required to file this form before August 31st, 2022, for the tax year 2021-2022, and here are the step-by-step guidelines on filing HVUT Form with the IRS easily.
Step by Guidelines for Filing Form 2290 Online with the IRS
If you are the truck owners that have a combined gross weight of 55,000 pounds or more, you need to Form 2290 e-File with the IRS, and failing to meet the HVUT Due Date will put the vehicles at the risk of being placed out of service.
Get Start: Enter the basic business details
The first section of Form 2290 by the IRS, need the truck owners to enter basic information such as their name, their Employee Identification Number, and their address. Truck owners must also report amendments to an old Form 2290 or use it to report a final return if they are swapping trucks or getting out of business. This section has four type options, to change the address, to correct the Vehicle Identification Number, Amended Return, and also the Final Return.
Part 1: Figuring the Tax
Line 1 of this section corresponds to the date that the user first used the truck.
Line 2 refers to the total tax amount for the vehicles that are reported on page 2, column 4.
Line 3 refers to an additional tax form when the taxable gross weight of the vehicle falls in the new category.
Line 4 corresponds to the total tax and this amount refers to the total of the gross amount in Line 2 and 3.
Line 5 corresponds to the credit, and if the truck owner claims credit on the vehicle that was sold, destroyed, or driven for 5000 miles or less. For agricultural vehicles, it is 7500 miles or less.
Line 6 refers to the balance due and you have to subtract line 5 from line 4 and the amount will be entered in line 6.
Part II: Suspending the tax on the vehicle
Line 7: Declaring a suspended vehicle if it has not been used up to 5000 or 7500 miles.
Line 8: Check this box if you are claiming suspension for the vehicle of the last year
Line 9: Enter the VIN for the vehicle you have suspended or transferred.
There is choice for third-party designees and if you are offering authorization for someone to file Form 2290 Online with the IRS, you can check this box and enter their details. Sign the form before mailing it to the IRS as unsigned forms will be returned and while e-filing the Form. Otherwise, you can enter any 5 digit PIN to e-sign it.
Page 2: Calculating the Taxes:
The HVUT tax calculation is based on the weight of the vehicle and the number of vehicles. The amount of tax is calculated by multiplying the annual tax by the number of vehicles. The amount would be reported in Line 2 of this section of Form 2290.
Form 2290 Filing comes with two copies of Schedule 1 and you have to file both the copies and file them with the IRS. One copy will be used by the IRS and the other will be sent back with a stamp to the taxpayer. You can get this Schedule 1 immediately if you E-file it. To complete Schedule 1, enter the business details such as name, EIN, address, and enter the first used month of the vehicle in schedule 1. This should match with the details that are informed on Form 2290.
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Taxseer2290 is a leading IRS-authorized e-file service provider offering you the best cloud-based solutions to perform online filings of Forms 2290, 8849 (Claim Credits for over payments), and 2290 Amendments. As part of our commitment to make e-filing easy and convenient, we are always available and you can contact us over the phone at 240.780.6153. You can also reach us via live chat or email us at firstname.lastname@example.org.