Things to remember for First Time Form 2290 e-File Users

As the title says, here we will explain some of the important topics to remember while e-filing a Form 2290 online. Once you will get used to with this, you will not have to worry about it. I have listed below the things you need to know with Form 2290.

Due Date

Form 2290 is based on the fiscal year. The tax year for Highway Vehicle Use Tax always starts in July and ends in June of the following year. Many truckers/ tax filers think that the due date of the form 2290 is the same when their tag or registration expires. Remember, renewal of form 2290 is due on August 31 of every year. Due date is only different for newly purchased trucks, it will be the end of the following month from the month vehicle has started running on the public highway for the first time.

First Used Month

First used the month of the highway motor vehicle is one of the bases for the road tax computation. Selecting incorrect first used month while e-filing a form 2290 will result in overpayment or underpayment of your truck. Basically, it would be an incorrect filing with incorrect tax payment. With this, please do take a note that when you say first used month, it is the month when you have used your truck first time on a public highway during the current tax year.

EIN

An Employer Identification Number or EIN is required for filing the form2290 online. They also call it as a Federal tax ID number, that must be with 9 digits. Please take note that you cannot use your Social Security Number (SSN) to file a Form 2290. If you do not have an EIN, you can apply it on the IRS website for free. The only thing to consider is that once you get a new EIN, IRS takes 7 to 10 working days to update it on their e-filing record. In that case, with a new EIN you need to wait for 7-10 days before you can e-file a form 2290.

Business Name

It is very important that you know the exact name that is associated with your EIN. As when filing the form online, you will be asked for the business name which is the same name associated with your EIN. So even if you are filing as a sole proprietor, LLC or Inc, you need to use the name associated with your EIN as per IRS record to avoid rejection related to EIN or Business name mist matching with the IRS record.

Logging Vehicle

Do take note that if your vehicle carries trees, woods, logs or lumber from the forest, then you have a LOGGING VEHICLE. While filing the form, you can check to mark the box if your vehicle is logging the vehicle, otherwise, you do not have to check the box.

Vehicle Gross Weight

There is always a confusion in considering the gross weight of the vehicle for the filing of form 2290. To make it easy to understand, it is the maximum gross weight of the loaded vehicle that includes truck plus trailer.

Electronic Federal Tax Payment System

Electronic Federal Tax Payment System or EFTPS is one of the four tax payment options listed on the www.form2290.com. You only need to select this option if you are enrolled with EFTPS. Also, as many taxpayers think that EFTPS the option works the same way as E-Check (Bank Account), they think that they're the bank account will be charged automatically under the EFTPS option, it does not work that way. With this as a payment option, after submitting form 2290 online you need to schedule the tax payment at the EFTPS website.

Debit or Credit Card

This is the latest addition by the IRS to pay your tax. Do take note that once you file the form, you need to go to the IRS website to complete your tax payment. Your debit or credit card will not be automatically charged unless you will go to the IRS website and complete the tax payment.