If you are into the trucking business, you must be aware of form 2290 and Heavy Vehicle Use Tax (HVUT). The IRS mandates that every person who owns a heavy highway motor vehicle weighing 55,000 pounds or more and covered 5,000 miles or above in the odometer file form 2290 and make the HVUT payment.
You can file form 2290 online or manually. Manual filing of form 2290 can be time-consuming and tedious, whereas e-filing allows you to file much faster, and with ease. When you e-file, you will receive your stamped Schedule 1 copy within minutes compared to paper-filing, which takes up to 6 weeks.
While filing online, you must e-file using a trusted IRS authorized e-file service provider. Below we list down the pros of filing online.
Minimizes the chances of paying a penalty
You will receive timely reminders before the due date to ensure that you file your form 2290 on time. This process reduces the chances of missing the form 2290 deadline and late-filing penalties.
In case your form gets rejected by the IRS, you will get notified immediately so that you can cross-verify details and file again. This saves time and avoids any further delays that could lead to a penalty.
Easy to use
E-filing has made filing much easier than ever before. When you paper-file, you need to download form 2290 from the IRS website or procure one from the IRS office to fill in the details and mail it to the IRS.
With the help of an e-filing service provider, you can file your form online with just a few clicks once you have all the relevant information with you. E-filing saves time and effort and makes filing a lot less complicated than before.
Payment options
E-filing allows 4 different modes of payment that make HVUT return insanely convenient for taxpayers. You can pay using the debit/ credit card option, Electronic Funds Withdrawal (EFW), Electronic Federal Tax Payment System (EFTPS), or check/money order.
These payment options are safe and secure when done with a trusted e-file service provider and ensure that you are able to pay with ease and on time.
Receive Schedule 1 instantly
When you file online, you will receive your stamped Schedule 1 Form 2290 copy within a few minutes after the IRS processes your form. Your Schedule 1 copy acts as proof of your HVUT payment, which you must carry in your vehicle at all times.
However, it takes up to 6 weeks for you to receive your Schedule 1 copy when you file manually.
Error-free submission
Tax filing is a tedious process that is often confusing, leading to errors and mistakes. If you make any errors while filing, your form 2290 could get rejected by the IRS, which could cause delays and late-filing penalties in some cases.
However, with e-filing, you will be notified instantly if your form gets rejected or if you have entered the wrong information so that you can refile almost immediately.
File for multiple vehicles in a single form
The IRS requires you to file form 2290 electronically if you are filing for 25 vehicles or more. Regardless, e-filing allows you to file for multiple vehicles in a single form 2290.
This process saves time and effort and makes tax filing for multiple vehicles a breeze.
24*7 customer services
Several e-file service providers provide 24*7 customer service to their customers, making filing much simpler.
You could seek the assistance of a customer support executive if you are stuck with your form or need to clarify any doubts or concerns regarding form 2290 filing.
Filing taxes can be a complicated and time-consuming process. With e-filing, you will now be able to file much faster with zero hassles and no worries. So, what are you waiting for? E-file now.
