If you own a heavy vehicle weighing 55,000 pounds or more, the Internal Revenue Services requires you to file a Tax Form 2290. He says that every individual owner who owns a heavy vehicle that has 5,000 miles or more on the odometer must complete a tax form, that is, a form 2290 before the due date. So, if you are running a trucking business, it is recommended that you file the 2290 tax return on time.
Why is Form 2290 required?
Form 2290 is useful for the following purposes:
- It can be used to make tax payments for heavy vehicles weighing 55,000 pounds or more that are used for the respective tax period.
- It can also be used to claim a credit for tax payment made on the vehicle that is stolen, destroyed or sold.
- He is also required to file 2290 changes.
- You can use it to report the acquisition of a used taxable vehicle for which the tax has been suspended.
Modification of Form 2290
When submitting Form 2290, all information provided to the IRS must be accurate. However, in some circumstances it is necessary to modify the details of the vehicle. Fortunately, drivers have the option of making changes to details already submitted using the form 2290 amendment.
Therefore, when a user makes changes to the already submitted Form 2290 and re-files it, this is considered an amended return.
What is the purpose of an amended declaration?
Here are some of the possible reasons for making changes to Form 2290:
- Gross vehicle weight increment taxable:
If there is a change in the gross weight of the taxable vehicle, then a change for the same would be mandatory as the vehicle will now fall under a new gross weight category. Thus, it must be reported to the Internal Revenue Services, so that the applicable tax payment can be paid.
The user must file the amended return no later than the last day of the following month when the gross taxable weight has increased.
Then the user needs to calculate the amount of the additional tax by entering the first month used and the gross weight increased.
- Mileage exceeded –
Heavy goods vehicles are taxable when they travel 5,000 miles in a given tax period. If the vehicle does not travel 5,000 miles, it will be considered a tax suspension. Suspended vehicles are not taxed, but the user must complete Form 2290 to report that their vehicle is suspended.
So if there is an increase in the mileage usage for the vehicle, the tax for the same becomes due. Thus, the driver must file the 2290 modification form to report the same.
The user must pay the tax amount no later than the last day of the following month when the mileage usage limit is exceeded.
The user will also receive the modified copy of Form 2290 Annex 1 to the registered email address, once the modified file has been submitted and processed.
- VIN correction-
If the driver filed an incorrect VIN on Form 2290, they should change it. If the user files through an IRS-approved e-filing service provider, they can perform the VIN correction on the previously submitted Form 2290 free of charge. He will receive the stamped copy of Schedule 1 within minutes.
How do I make changes to Form 2290?
The following steps explain how to make changes to Form 2290:
- The first and most important step is to log into the account created using the email ID and password defined at the time of registration.
- The procedure page will offer you an option indicating: “Modify the existing repository”. Click on the same.
- From the drop-down list provided, the user must select the folder to which the modification must be made. If the user wants to add a new business to the list and is allowed to run it by clicking on the option to start e-filing.
- In the next step, the user is supposed to select the month and year of the first use of the vehicle. He must also declare whether he is filing the final declaration.
- In addition, the user must choose the type of modification he wishes to make from the options offered, namely increasing the taxable gross weight, exceeding the mileage and correcting the VIN.
- Then he needs to update any changes he wants to make as well as additional information on the web page.
- It is important to check and review all updated details thoroughly and select IRS payment option later.
- Later, he can also choose the payment method and pay the service fee.
These are the steps that would help a user to make the necessary change in the previously submitted e-filing form. Changes must be duly made to the form 2290 due date that is, the last day of the following month when the changes have been made.
You may be interested in: “Considerations for Financing Your Business with Commercial Loans”