IRS Tax Form 2290 and its purpose:
While reporting 2290 with the IRS, you can have the following action items
- Use Form 2290 to report and pay 2290 dues on any highway motor vehicles used during the period with a taxable gross weight of 55,000 pounds or more.
- Use Form 2290 also to claim suspension or exemption from the tax when a vehicle is expected to be used 5,000 miles or less (7,500 miles or less for agricultural vehicles) during the period.
- Use Form 2290 to report and pay taxes on a vehicle reported suspended and later exceeded the mileage use limit during the period. Under 2290 Amendment on mileage use limit exceeded.
- Use Form 2290 to report and pay the tax due if any, during the period, the taxable gross weight of a vehicle increases and the vehicle falls into a new category. Under 2290 Amendments on increase in taxable gross weight of the vehicle.
- Use Form 2290 to claim a refund / credit for tax paid on vehicles that were destroyed, stolen, sold, or used 5,000 miles or less (7,500 miles or less for agricultural vehicles).
- Use Form 2290 to report tax when you acquire or buy a used taxable vehicle, and also claim refund on a used taxable vehicle traded out (sold) during the period.
Form 2290 Schedule 1 “Proof for Payment” is used for the following actions.
- To report all vehicles for which you are reporting tax (including an increase in taxable gross weight) and those that you are reporting suspension of the tax by category and vehicle identification number (VIN).
- As proof of payment to register your vehicle(s) (unless specifically exempted) in any state. Use the copy of Schedule 1 stamped and returned to you by the IRS for this purpose.
Benefits of Form 2290 Electronic Filing.
The foremost is receiving back your IRS stamped Schedule-1 proof instantly, IRS could receive your returns and process it faster than any other way of filing. Choosing online filing or electronic filing eliminated all possible human errors that could happen in a tax return. Let see some of the larger benefits of e-filing with TaxExcise.com
- Faster Processing – e-filed returns are processed much faster than paper filed returns.
- Proof of Receipt – confirmation that your return was received and accepted, IRS stamped Schedule-1 proof is sent to your mail inbox immediately.
- Instant Text Alert – Text Alert on return status once there is an update from IRS
- FAX copies – receive copies of your Schedule-1 to your FAX instantly and a copy to your email inbox.
- Convenience – available online 24 hours a day, 7 days a week. File your 2290 tax returns any time. File amendments and correction on the same day, in less than an hour.
- Ease of use – user friendly, with step-by-step instructions and clear screens indicators to walk you through the filing process. E-file is a cake-walk
- Greater Accuracy in Processing – zero down math errors because TaxExcise.com software catches many mistakes and will not sent an incomplete return to IRS.
- Pay Right – while you e-file you pay the tax that you owe not extra or less.
- Electronic Payment – convenience of direct withdrawal of tax due and EFTPS option to make payments.
- Less Hassle, No Mails – no mailing of paper returns and waiting for mails for weeks, everything is managed electronically and digitally.
- Security – safer than mailing your tax return and sent right to the IRS server no more data loss.
- Avoid paying extra – when you e-file you can make sure your return reaches them well in the time frame no late penalties or late filing charges.
- Import tax return – you could import the tax returns from your previous years and no need to look around for details in your files.
- Bulk Upload – when you file for larger fleets you can bulk upload the VIN# from your excel spread sheet and no need of keying in one after the other.
- No more typos – while you e-file you won’t get typos such us 1 for I or 0 for o etc.
Electronic filing is by and large the best way of reporting 2290 heavy vehicle use tax returns with the IRS and through TaxExcise.com you get the best available resources. The most trusted and rated website since 2007.