General Form 2290 Instructions
Basic Information About Form 2290Some basic information about What 2290 Form Exactly is and How Etax2290.com can help you file your form 2290 conveniently online.
Who Will Have To File Form 2290?
A person who owns Heavy vehicles and runs the transportation business by using the Highways across the US, are liable to pay the truck tax to the IRS, an entity of US Department of Treasury. Not all the heavy vehicles will come under the tax window of form 2290, only those vehicles whose gross weight weighs more than 55,000 pounds, will be liable to pay the tax. There are IRS 2290 instructions which need to be taken care while filing the truck tax.
When To File Form 2290?
Form 2290 has to be filed during the scheduled tax period which starts from 1sy day of July month to the last day of June month. If the vehicles are owned later than the July, then the month of purchase and use of the vehicles has to be considered to pay the tax (tax amount will vary if vehicle owned after July). No one can escape from paying the excise tax; IRS will have a track of all the truck owners who used the highways to run their transportation business.
Things To Keep In Mind While Filling Up The Form 2290
1. First and foremost see whether your vehicle comes under the taxation window. To check you need to find out the gross weight of the vehicles. If the vehicles gross weight is more than 55,000 pounds or more, you are eligible to pay the tax. Anything lesser than the prescribed limit, you come under tax free category.
2. Mileage limit also plays an important role. If the usage of the vehicles exceeds the mileage use limit during the tax year, then you are eligible to pay tax. Figure out and pay the tax to IRS by using the separate form 2290 and mention the suspension statement in it.
3. The weight of the vehicles decides the tax amount which needs to be paid to IRS. Calculate the tax amount by taking the gross weight of the vehicle into consideration. If weight increases.Things To Keep In Mind While Filling Up The Form 2290
4. Truck owners can claim suspension of the tax if the vehicles have used highways for 5,000 miles or less. If the owners use the vehicles for agricultural purpose, it is considered as exemption.
5. The truck owners can also claim for the credit for the tax amount which they have paid to IRS, provided the proof of vehicles which are destroyed or stolen or sold or used for 5,000 miles or less.
6. If at all if anyone owns the vehicles which are used on the highways before and if their tax is already suspended, then the second owner has to report this to IRS.
7. Even if the vehicle is used before the owner has purchased, there is a need of paying the tax to the IRS.
These are some of the basic information on form 2290. Etax2290.comIf you feel filing tax as a daunting task, dont worry, Etax2290.com is here to help you and take up the complete responsibility to file the form 2290 on your behalf. Visit Etax2290.com for more information.