Last-minute filing of your 2290 form can be an overwhelming process. Unfortunately, the penalties for late filing of form 2290 is high, which means you cannot afford to make any mistakes. Thankfully, these tips will help ensure that you file your form 2290 on time, especially for last-minute filers.
1. Always e-File Your Returns
E-filing is fast, easy and secure. Those who e-file their 2290 returns will receive their watermarked Schedule 1 as soon as the IRS accepts your form 2290. And in case of any rejections, you will get notified immediately along with the reason why it got rejected.
However, with a paper file, you must send your form 2290 at least 2 weeks ahead so that it reaches the IRS ahead of the filing deadline. Further, it will take up to 6 weeks for you to receive your Form 2290 Schedule 1.
2. Have All the Information Ready
When you file your form 2290, you will need information such as the Employee Identification Number (EIN), Vehicle Identification Number (VIN), and the taxable gross weight of your vehicle. Having all this information ready and at your fingertips will make it easier for you to file your HVUT tax return.
3. Be Aware of Common Filing Errors
With last-minute filing, you cannot afford to make any errors that could lead to IRS form rejections. Being aware of common filing errors will help you avoid making them in the first place. Some common mistakes include:
- EIN & Business name mismatch
If the Employee Identification Number (EIN) and business name and address do not match with those that the IRS has on records, you will receive an error message stating that your form has been rejected.
- Incorrect bank details
If the bank account details that you enter for HVUT payment are incorrect, your e-filing request will get rejected by the IRS, in which case you will need to resubmit it again with the right information.
If you choose to pay your HVUT tax using EFW, then you need to provide a routing number to authorize the transaction. If the routing number is wrong, your tax payment may not be processed successfully.
- Incorrect taxable gross weight
If you are filing the 2290 form because of an increase in your vehicle’s taxable gross weight, ensure that the ‘taxable gross weight increased’ month is greater or equal to the ‘first used month’.
- Missing signature
When you paper file your form 2290, you must sign on two places 一 the first page in part II and the last page with the title ‘Consent to Disclosure of Tax Information’. If you e-file, you must enter your digital signature in your form, which is a 4-digit PIN number.
Failure to include the signature could lead to your form being rejected.
4. Seek Help From Customer Support if You are Stuck
Choose a service provider that offers 24/7 customer support so that you can get timely help at any time of the day. Have all your doubts clarified or if you get stuck at any point during the filing process, request assistance from the customer support team and file your form without delay.
5. Stick with the Same e-Filing Service Provider
If you’ve previously e-filed your 2290 return with a service provider, it is best to e-file your form with them. All your filing details will be already saved on their database, so you don’t need to fill the details all over again. In any case, ensure that you review all your information before you make the payment.
6. Opt For Digital Payment
Digital payment modes are convenient, fast, and secure. Check or money order payments, on the other hand, could get lost in the mail and require you to follow a standard procedure to pay.
You can make your HVUT payment via Electronic Funds Withdrawal (EFW), Electronic Federal Tax Payment System (EFTPS), or using a Credit/Debit card.
File Your Form 2290 On Time to Avoid Penalties
Last-minute filers are prone to errors, which is why it is recommended that you plan ahead and e-file your taxes ahead of the deadline. The IRS imposes hefty penalties for those who fail to file their form on time. So make sure that you pay your HVUT tax before it’s too late.