If you own a trucking business, you need to know about the Internal Revenue Service form 2290 and the Heavy Vehicle Use Tax (HVUT) return. Form 2290 is a tax filing form for a heavy vehicle that weighs 55,000 pounds or more. If your vehicle has run 5,000 miles or above during the tax period(7,500 miles for agricultural vehicles), you are liable to pay this tax.
The IRS form 2290 is paid annually for the tax period beginning from July 1st every year till June 30th of the next year. You should file form 2290 and pay HVUT amount if you own a vehicle weighing 55,000 pounds or more, if you are a Limited Liable Company (LLC) and if you have used your vehicle for 5000 miles or above (7500 miles for agricultural vehicles). As a trucker, you need to know about this tax.
You can make amendments online very easily with the help of e-file service providers. They will assist you with all the requirements from starting till end. They are well-versed with the formalities and will guide with everything.
You can file form 2290 amendment online and manually. For manual filing of IRS form 2290 amendment, the owner has to obtain the form by visiting the IRS office or download one from the IRS website On the other hand, e-filing of form 2290 amendment can be done through an IRS authorized e-file service provider It is always advised to go for online tax filing as you will instantly get the watermarked copy of Schedule 1.
Form 2290 Amendment: You must make amendments in previously filed IRS form 2290 under the following conditions:
- Report additional tax due to an increase in the taxable gross weight of your vehicle
- Report mileage limit exceeded on suspended vehicles
- Report VIN correction
How to E-file a 2290 Amended Return
Following is the step-by-step explanation of the process:
- Log in to your e-file service provider’s account
- Once you successfully log in, select ‘Amend the existing filing’ on the page.
- Once you get into the page, you will see a dropdown list. Next, choose the business in which you wish to make an amendment. If your business is not on the list, you can add a new business and then click on the start e-filing option.
- Next, you have to select the month and the year when the vehicle was first used. Also, make sure to mention if this is your final return.
- Once you complete the above steps, you must choose the reason for amendment which may be an increase in the taxable gross weight, increase in mileage limit on suspended vehicles or VIN correction.
- Once you select the reason, update it with any additional details that you are required to submit.
- Don’t forget to review all the information updated by you.
- Once you check all the information, select the payment option (debit card or credit card, check, money order, electronic fund transfer and Electronic Federal Tax Payment System (EFTPS)) and pay the amount you are liable for.
How to File 2290 Amended Return Manually
For amendments, the same steps will be followed while filing for this tax. The amendment process goes with the same rule and process. You only have to go for the amendment return box which includes
- The reporting of additional tax from an increase in taxable gross vehicle weight
- Reporting a suspended vehicle exceeding the mileage use limit.
For VIN correction, tick the adjacent VIN correction box. After filling the information, review the form once and mail it to the IRS.
Above is the step-by-step method of amendment for form 2290 for both online and manual. This procedure is preferable for the ones who have submitted through e-filing form. Make sure to make the amendments on time and do re-check before clicking the submit option. The E-filing form will get you form 2290 schedule 1 instantly whereas the manual method takes time.