Top 5 Reasons Why You Should Pre-File IRS Form 2290: Did you purchase a new truck to operate on public roads within the United States? Or else operating an existing truck on public highways this tax year? Then you need to file IRS Form 2290 and pay road tax. As per the IRS guidelines, for new vehicles file Form 2290 by the last date of following FUM. For existing vehicles, you need to file HVUT Form 2290 by August 31st every tax year.
So, before the IRS begins to accept 2290 returns for the tax year 2021-22, you can pre-file tax returns from June 1st, 2021. We will let you know the reasons why you should pre-file 2290 Tax Form before the 2290 tax season starts.
File Form 2290 early and pay HVUT later
The truckers who choose to pre-file IRS Form 2290 can file now and pay the road taxes on or before August 31st. It looks similar to e-filing tax returns. The major difference is you’ll be filing and transmitting tax returns before the actual filing date. Furthermore, the truck owners will have nearly 3 months to save up any tax payments they may owe. As per the IRS rules, the 2290 tax season begins from July 1st of the current tax year and ends on June 30th of the following year. So, the pre-filing of 2290 Tax Returns starts one month before the beginning of the official tax year. For example, for the tax year 2021-22, the IRS starts accepting 2290 returns from July 1st, 2021. The truckers can pre-file Form 2290 online from June 1st, 2021.
Avoid the rush of peak 2290 tax season
As we know, the trucking industry plays a vital role in the US economy. The truckers face 2290 tax season stressful because of busy work throughout the tax year. In some cases, most of them file a tax return at the last minute with the IRS. During the peak tax season, the IRS servers will be snail slow in processing 2290 returns. Pre-filing helps in avoiding the rush and last-minute hiccups. Additionally, the truck drivers will rest assured with early filing 2290 tax returns before the IRS starts accepting it. Finally, you can avoid the rush of peak 2290 tax season.
Ample time to make 2290 corrections
Mistakes are common when you file tax returns on the due date. In general, filing 2290 tax returns in a hurry may lead to receiving an HVUT rejection notice from the IRS. Moreover, the truckers may have less time to amendment the rejected returns with the IRS. So, to overcome these issues the IRS introduced pre-filing of Form 2290 online. This made it easy for the truckers to correct the errors on the form by filing an amendment return before the deadline. Before the IRS sends you a correction notice, early filing tax returns enables the truckers by providing plenty of time to correct the errors.
Minimize risk of 2290 HVUT penalties
Pre-filing Form 2290s allow the truckers to cross-check the errors which may lead to face HVUT penalties along with interests. It also reduces the risk of late filing penalties. The truckers will have enough time to review the tax return before transmitting it to the IRS. Furthermore, it minimizes the risk of calculating road taxes. By early transmitting tax returns, you’ll have one month’s time to pay the excise taxes with the IRS. Moreover, it reduces the chances of overpaying tax dues due to incorrect EIN or VIN.
Get 2290 Schedule 1 quickly
Form 2290 filing early will help the trucker in preparing and submitting tax returns for the upcoming tax period before the current year expires. Additionally, it puts you to stand first in line for receiving the IRS digital watermarked 2290 Schedule copy. This means prefiling helps in submitting tax returns immediately after the IRS opens the gateways to accept 2290 tax returns for the upcoming tax period. As we know, the IRS provides schedule 1 copies to the individuals on a first-served basis. In this way, the tricker who chooses to pre-file the 2290s will get schedule 1 back to the email address before anyone gets it.
2290 Filing is accepting 2290 tax returns for the tax year 2021-22. Hurry up! Register with us and pre-file IRS HVUT Form 2290 before anyone else. Our US-based chat support team helps in providing guidance through live chat, email, and phone support 24*7.