Form 2290 is the tax to be paid by truck owners. This tax is issued by the IRS (Internal Revenue System) for heavy duty trucks and trucks that surpass a certain mileage. The tax is basically collected and utilised for the betterment pf highway safety and to improve other amenities along the way. Now, it is important to file Form 2290 on time, once the due is missed there will be penalties issued.
How To File Form 2290
This is the most commonly asked question. Now, there are two ways to it. One is to file the form 2290 online. E file 2020 is an easier way. It is cheap, fast and also hassle free. Second, filing it manually. 1. Form 2290 Online: As with every aspect of life getting digitalised, forms and taxes are also upgrading towards the digitalisation. As with form 2290, the whole process of online filing is really easy. The first thing you have to do is to find an IRS authorised form 2290 e filing site. This could be identified if there is a watermark of the IRS printed clearly. After ensuring that the website is IRS authorised, proceed to file in the details. Usually, online forms arrange their site in a chronological way. This means, the forms will be placed in an orderly fashion and thus there will be no need to be confused. This also cuts the tremendous mental work one has to do. Once the form is filled out correctly, IRS schedule 1 copy will be issued. This schedule 1 copy is very important. Also, it is okay to make errors. As there are things like the VIN (Vehicle Identification Number) involve a combination of both letters and numbers. This could cause confusion or errors while filing the form 2290. However, there is unlimited number of chances to fill up form 2290. Therefore, filing form 2290 online is simple, fast and hassle free. 2. The manual method: This is the old school method of filing forms. For form 2290 to be filed manually, it is a very big task and it will consume a lot of time. Firstly, the truck owner should consult with an officer, set up appointments and then finally meet him. Once the forms are filed, for approval and to issue the schedule 1, it takes anywhere between 45 to 50 days. Then the process continues. Thus, manual filing takes up a lot of time, energy and its draining. Firstly, truck drivers can not spend around 50 days for a Schedule 1 form. This might even cause addition penalties in terms of due dates.
Thus, to conclude, it is better and smart to file form 2290 online. E filing form 2290 is much faster, hassle free and quicker. However, the truck owner must ensure that they are applying it with an IRS (Internal Revenue Service) authorised site. With that, it is completely set and easy to do.