Released: Aug 18, 2024 by Joshua Sophy In Small Business News
The Internal Revenue Service (IRS) is advising truckers and those running big buses that the due date for filing Form 2290, the Heavy Highway Vehicle Use Tax Return, is Tuesday, September 3, 2024, for lorries that were initially utilized in July 2024. This due date has actually been extended from the normal August 31 date due to the weekend.
The tax uses to lorries with a gross weight of 55,000 pounds or more that are signed up or needed to be signed up under law. Type 2290 needs to be submitted by the last day of the month following the month in which the lorry was initially utilized on a public highway throughout the taxable duration. The present taxable duration ranges from July 1, 2024, to June 30, 2025.
Bottom line:
- Due date: Vehicles initially utilized in July 2024 should have Form 2290 submitted and the suitable tax paid by September 3, 2024.
- Prorated Tax: For lorries put on the roadway after July, the tax is prorated for the months the automobile remains in service.
- Support to E-File: The IRS motivates all taxpayers to e-file Form 2290, specifically those with 25 or more automobiles, as it is needed by law. E-filing enables a stamped Schedule 1, evidence of payment, to be offered within minutes once the return is accepted by the IRS.
- Payment Options: Taxpayers can pay utilizing a credit or debit card, digital wallet, electronic funds withdrawal throughout e-filing, or through the Electronic Federal Tax Payment System. Checks or cash orders can likewise be sent by mail utilizing Form 2290-V.
Crucial Information Needed for Filing:
- Automobile Identification Number(s) (VIN)
- Company Identification Number (EIN)– Note: A Social Security number can not be utilized. It might use up to 4 weeks to develop a brand-new EIN.
- Call on the EIN application
- Taxable gross weight of each lorry
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Joshua Sophy is the Editor for Small Business Trends and has actually belonged to the group for 16 years. An expert reporter with 20 years of experience in conventional media and online media, he went to Waynesburg University and belongs to the Society of Professional Journalists. He has actually held functions of press reporter, editor and publisher, having actually established his own regional paper, the Pottsville Free Press.