Heavy Vehicle Use Tax (HVUT) is a dedicated federal tax obligation imposed on truck owners and drivers. The HVUT tax is paid through form 2290 by business owners and individuals who own a truck with a taxable gross weight of 55,000 pounds or more.
Electronic filing of form 2290 and paying the designated amount of tax is essential to avoid any penalties imposed by the IRS.
One must furnish all the necessary details such as personal information, business name, Vehicle Identification Number (VIN), and Employee Identification Number (EIN) when filing form 2290.
There are various benefits that truck drivers, owners, and business owners receive by online filing form 2290. Some of them are listed below:
1. Hassle-Free Filing of Form 2290:
The first and foremost benefit that truck drivers and owners receive through e-filing is a hassle-free and convenient filing and tax payment method. The IRS has authorized several e-file service providers that truckers can use to e-file their form 2290.
E-filing is fast, easy, and allows taxpayers to file form 2290 from anywhere.
2. Access to Online Information and Records of Tax Payment:
Most e-file service providers provide customers access to their previous tax records and payment history. Users can also download their stamped Schedule 1 Form 2290 copy from the dashboard if they lose the Schedule 1 copy they have with them.
Easy access to online information makes it easy to file taxes and, if ever needed, cross-check details.
3. Ability to Pre-File Form 2290:
You must file your form 2290 before the due date to avoid IRS penalties. Pre-filing helps ensure that you don’t miss the filing deadline and be the first to receive your Schedule 1 copy.
Several e-file service providers allow their customers to pre-file form 2290, which starts from May 1 and extends till June 30. Pre-filing helps you avoid the rush of the peak-filing season and file with ease.
4. Friendly Customer Support:
Another great benefit of e-filing filing form 2290 is the customer support that business owners and truck drivers receive. Most e-file service providers offer 24/7 customer service to their users for any guidance or assistance required for a comfortable filing experience.
5. Receive Schedule 1 Copy Instantly:
Online filing helps in the safe, quick, and reliable delivery of the Schedule 1 document on time. Truck drivers and owners can instantly get their hands on the IRS stamped Schedule 1 copy that serves as proof of HVUT payment within minutes of filing form 2290.
A copy of the Schedule 1 will be sent to your registered email address, and you can also download one from the e-file service provider’s website. However, if you file manually, it will take up to 6 weeks to receive your stamped Schedule 1 copy, which can be an inconvenience for last-minute filers.
6. File Form 2290 for Multiple Vehicles:
You can file form 2290 for multiple vehicles through the online mode of tax filing. The IRS also mandates everyone to e-file their form 2290 if they are filing for 25 trucks or more.
The online filing makes filing for multiple trucks a hassle-free process as you can file for any number of trucks through a single 2290 form, saving time and effort.
Following all the form 2290 instructions is essential for hassle-free filing of form 2290. This includes providing all the necessary details such as VIN, EIN, and taxable gross weight without any errors.
Certain e-file service providers also offer value-added services such as free refiling and VIN correction to make your e-filing experience more convenient.