You must submit your Form 2290 to the IRS every year by August 31st. The annual tax year runs from July 1st to June 30th every year. The IRS requires that they submit all tax forms by the second month of the tax year. This date is August 31st, and it’s right around the corner. However, there are some things you need to prepare to make sure there are no issues with your renewal. Improperly filed forms could create delays and, therefore, fines and late fees. It’s best to properly file the first time to avoid any issues the first time. This means making sure you're ready to renew your form 2290.
If you own and operate a heavy highway vehicle, you’re going to need to submit your form 2290. A heavy vehicle constitutes a vehicle that weighs more than 55,000 pounds or more than 75,000 pounds for agricultural vehicles. Additionally, if your heavy highway vehicle traveled more than 5,000 miles during the tax period. For agricultural vehicles, they must travel at least 7,500 miles. If your vehicle fits the weight limits but not the mileage limits, you must still submit the form but may not have to pay additional taxes. If you know your truck requires reporting to the IRS, you’ll need to file your form 2290.
Prepare Your Documents to Renew
Unfortunately, filing your form 2290 is a little more complicated than just sending the IRS a check. There are some bookkeeping items that a responsible operator keeps up with through the year to prepare for your tax forms. Some of these items are easily accessible, others are a little more detailed. Easy things to gather before your start filing are your business name and address. You’ll need your EIN and your VIN. More difficult items may include the first used month. This isn’t when you bought the truck, but the first time you used it for your business. You’ll also need to know if your vehicle is a suspended vehicle or a taxable vehicle. This comes down to the number of miles driven during the tax year. Keeping a mileage count is mandatory so you know how many miles you traveled during the tax year. Lastly, you’ll need to know the gross weight of the vehicle. After you obtain all of this information, you’re ready to file.
How to Renew Your From 2290
The first thing you must do is to log into your 2290OnlineForm web portal. Select the renew option and input the required information you gathered when you prepared your documents. Most of that information should populate based on your previous filings. When you submit, we’ll review and submit your documents. After all of that, you’ll receive your Schedule 1 tax form. Once you receive your schedule 1, you’re good to go.
Failure to Renew
If you don’t renew your form 2290, you could be in for some issues. The first issue is a fine. Typically, you’ll receive a one-time fee of 4.5% of unpaid taxes for every month you’re late. If you miss multiple months, you could pay up to 25% in additional fees. If you have reasonable cause for not filing, you’ll have to obtain evidentiary support to avoid these fees. Unfortunately, if this support doesn’t meet the IRS guidelines, you’ll still need to pay the fees plus any additional fees that accrued while you submitted your support documents. Needless to say, it’s best to pay on time and avoid any hassles from the IRS.
It's faster and easier to renew your form 2290 online rather than submitting by mail. 2290onlineform.com makes the tax process easy and fast. Avoid late fees and questions by e-filing. Get access to live customer support and filing tools that take out all the guesswork. The best part is that you can do it anywhere you have an internet connection. Do it in the comfort of your home or while you’re on the road.
