Running a business is not just about making profits or staying afloat in a highly competitive market. There are factors that are equally important. All trucking businesses need to file Form 2290 annually if they own or operate vehicles that weigh 55,000 pounds or more.
Related Post: How to Write a Business Plan for a Trucking Company
Overtime, growth of technology has made it easier for trucking businesses to file Form 2290 online and pay HVUT tax online in a matter of minutes. Now to fill the form 2290, people have two options:
- Electronic filing or e-filing: In this type of filing, the 2290 form is transmitted electronically through an e-filling service provider. e-filing has made things easy for taxpayers. Users can e-file their HVUT return through devices like mobile phones and laptops connected to the internet. It is very easy for taxpayers to file tax for 25 or more vehicles at the same time; it will save a lot of time and effort for them.
- Paper filing: In this type of form filing, the person needs to mail the form to the Department of Treasury after filling out the details. If you paper file your return, it will take a longer time for the IRS to process it.
The transmittal of form 2290 online will also require a process that needs to be followed. Let’s take a look at them:
- Register with an IRS authorized e-filing service provider: For filing form 2290, the user needs to register with an IRS authorized e-filing partner. The user can easily register by visiting the e-filing website and entering details like name, email address, mobile number, etc. to create an account. Once the account is created, you can start filing your 2290 return…
- Enter business details: All the right details regarding the business need to be provided, including business name, address, EIN, ZIP code, city, state, and country. Both the business name and EIN should match as per the SS-4 copies issued by the I Any mismatch in any of the details can lead to rejection of your return.
- Signing authorities: It is important to enter the right details about the signing authority along with their information like name, title, and phone number. The user must enter a pin which acts as an electronic signature. Always ensure that all the details submitted are correct and error-free.
- Third-party designee details: If a Third-party designee is involved, the user needs to select “yes” and enter the details of the designee like name, address, phone number and PIN.
- Choose the Filling Type: The person needs to select the type of filing. It can be of two types, i.e., Single truck or multiple trucks. According to the requirement, the person can select one option from the two.
- Filing details: Another important piece of information to be provided is regarding the tax period.
- Vehicle details: In this, the user needs to provide all the details regarding the vehicle like its type, VIN, gross weight, mileage, and tax amount. Along with this, if any vehicle is tax suspended during the taxation period, details regarding it should also be provided.
- Tax summary: All the information provided in the form should be reviewed once to ensure that there are no mistakes.
Also Read: Tax Planning Tips for Small Business Owners
- Payment options: The person is provided with many types of payment options to pay for the taxlike EFW, EFTS, Debit/Credit card, check money order, etc. according to the conveniences the person can select the option and pay tax.
- Get Schedule 1: Once the filing process is completed, the user will get the stamped Schedule 1 which is mailed to the registered email address.
This is how the electronic e-filing of taxes is done. It is very convenient for people to pay taxes and get all the details. Online platforms ensure that taxpayers get to pay their tax before the form 2290 due date. Tax filing is simple and easy online that any person can pay tax from anywhere and at any time. Thanks to e-filing platforms, taxpayers can stay compliant and penalty-free.