Form 2290 Filing Mistakes and Penalties You Can Avoid
*The pricing in this blog does not reflect the 2022-23 Form 2290 filing pricing for ExpressTruckTax.
It’s official! The Heavy Vehicle Use Tax (HVUT) Form 2290 filing deadline is only a week away!
But have no fear, you still have plenty of time for Form 2290 filing with our sister product, ExpressTruckTax. Their easy-to-use filing process makes Form 2290 filing simple and straightforward. Plus, filing starts at just $9.90 for a single vehicle!
We understand taxes can be confusing and often frustrating when trying to decipher IRS terminology, which is why we are sharing Form 2290 filing mistakes and penalties you can avoid. If you miss your Form 2290 due date or don’t correct an error, the penalties will make the whole tax situation even worse.
Form 2290 Filing Mistakes and Penalties You Can Avoid
Before we get into Form 2290 filing mistakes and penalties, let’s review what you will need to file.
- Business Name & Address
- EIN (Employer Identification Number)
- Truck First Use Month (FUM)
- Gross Taxable Weight
- VIN (Vehicle Identification Number)
With ExpressTruckTax you can pay 2290 with a credit card or debit this filing season.
You are required to have an EIN for Form 2290 online. You cannot use your SSN (Social Security Number). If you still need to apply for an EIN, click here. Once you apply, it will take time for it to become active in the IRS system. It typically takes up to 10 business days for the EIN to become active.
Common Heavy Highway Use Tax Mistakes
Incorrect EIN
As I stated above, you are required to have an Employer Identification Number (EIN) to file your heavy use tax. An EIN is assigned to companies operating in the United States to identify them for tax reporting purposes.
An EIN is a string of nine digits just like your Social Security Number; however the format is different (EIN: 12-3456789 | SSN: 123-456-789), so you will be able to tell the difference. Because it is labeled as an identification number for “employers,” many have the misconception that they don’t need it for Form 2290 filing. If you attempt to use your SSN to file your IRS Form 2290, it will be rejected.
Incorrect VIN
Your Heavy Highway Use Tax will be rejected if your Vehicle Identification Number (VIN) is entered incorrectly. This mistake is easily understandable considering it is 17 characters long including numbers and letters.
Before you start the Form 2290 filing process be sure to whip out those glasses. Double and triple check your VIN to make sure you entered it correctly. However, our friends at ExpressTruckTax understand that mistakes happen which is why they offer a free VIN Checker and FREE VIN corrections (for returns originally filed with them).
Tax Calculation Errors
At ExpressTruckTax, they understand that IRS tax calculations can be rough, which is why their system automatically calculates your owed tax amount. No need to worry about complicated tax math this Form 2290 2021-22 season.
Heavy Highway Use Tax Penalties
If you can show the IRS reasonable cause for failing to file or pay your heavy use tax on time, you may avoid penalties. If you file after the Form 2290 due date, you will need to attach an explanation to show reasonable cause. However, your statement may or may not be accepted by the IRS.
The penalty for failing to file a correct heavy use tax IRS Form 2290 by the August 31st deadline with ExpressTruckTax is equal to 4.5 % of the total tax amount owed. This penalty will increase on a monthly basis for up to five months. The penalty for failing to pay your heavy highway use tax payment is .5% of the total tax owed. You will also face an additional interest charge of .54% per month this remains unpaid.
Depending on your base jurisdiction, your vehicle may be suspended until you can provide proof of road tax 2290 payment. This proof is your stamped Schedule 1 which you receive after your Form 2290 filing. You need a stamped Schedule 1 to renew your tags and register new vehicles. If you operate on a typical trucking tax year, your tags ran out on June 31st.
Without your stamped Schedule 1 you will be operating illegally. Trust me, you don’t want to mess with that, so it’s essential you start and complete your Form 2290 filing with ExpressTruckTax and receive your stamped Schedule 1.
ExpressTruckTax Makes Form 2290 Filing Simple
Now that you know what mistakes to avoid and what to avoid, it’s time to start the Form 2290 filing process. The Form 2290 due date is right around the corner, so there is no time to waste. Our sister product, ExpressTruckTax provides you with a straightforward and convenient Form 2290 e-filing solution. Say goodbye to any Form 2290 filing hassles.
If you have any questions about Form 2290 filing our friends over at ExpressTruckTax are there to help. Their 100% US-based bilingual support team will never stick you with a robot or automated call system. Call to talk to a real person today! You can also contact them via live chat or email for support in both English and Spanish.
TruckLogics Mobile App Form 2290 Solution
If you are a TruckLogics user, you can use the integrated TruckLogics mobile app to file your Form 2290 with ExpressTruckTax!
The mobile app will pull information about your business and trucks from your existing account so you don’t have to re-enter information.
